AI has produced a record concentration in the stock market. 41 AI-related stocks (8% of S&P 500) account for 48% of its capitalization and 74% of its gains since ChatGPT's launch in Nov 2022.

AI's economic impact is profound, driven by massive data center buildouts requiring enormous capital and power, contributing ~90% of US economic growth in H1 2025.

The endgame parallels the 1999 internet bubble: we are in the infrastructure buildout phase, which leads to overbuild, correction, and then a subsequent content/applications rally.

We will have an infrastructure correction. The NASDAQ corrected 77% after the 2000 peak. A similar pattern is likely for AI infrastructure stocks.

The next content phase is stalled because major tech platforms (Apple, Google, Meta) are blocking cross-platform integration to protect their ecosystems.

Equity investors face a binary choice: own the concentrated AI-heavy index or underperform. The current phase is a 'bubble of optimism'.