AI concentration is reaching historic extremes across every corner of the market.
AI infrastructure alone = 40% of the $SPY market cap
3 chipmakers = 28% of emerging markets index
AI companies = 49% of investment-grade bond issuance in 2025
Private markets? Even crazier. AI is capturing 87% of all venture capital funding YTD.
For context: during the 1999 Dot-Com peak, internet companies took less than 40% of VC dollars.
We've never seen this level of capital concentration in a single theme. AI isn't just leading the market anymore—it basically IS the market.
When one narrative controls this much capital flow, you're either riding the wave or getting left behind. But history also shows what happens when everyone's in the same trade.
AI infrastructure alone = 40% of the $SPY market cap
3 chipmakers = 28% of emerging markets index
AI companies = 49% of investment-grade bond issuance in 2025
Private markets? Even crazier. AI is capturing 87% of all venture capital funding YTD.
For context: during the 1999 Dot-Com peak, internet companies took less than 40% of VC dollars.
We've never seen this level of capital concentration in a single theme. AI isn't just leading the market anymore—it basically IS the market.
When one narrative controls this much capital flow, you're either riding the wave or getting left behind. But history also shows what happens when everyone's in the same trade.