Concentration: top-10 weight
37.6%
dot-com peak
Above the dot-com peak — elevated single-name risk in a few mega-caps.
Money rotation from concentrated mega-cap AI into under-owned small caps
Hyperscaler capex
concentrated, unlevered
top-10 AI
dot-com peak
S&P 500 index
mega-caps pause
Mega-caps draw down
NVDA, memory names
stumble
capital rotation
re-rate up
Small-cap AI
under-owned
Equal-weight basket
equal exposure