So far, investors' enthusiasm for AI has mostly benefitted AI infrastructure firms, who have witnessed their valuation premiums expand from 32 to 137%.
$181.62-7.29%
The Magnificent 7, which represent both the largest AI stocks and those most exposed to a potential AI overbuild, now comprise over 30% of the S&P 500, a level of concentration exceeding even that of the dot-com bubble.
AI early adopters have not enjoyed a similar boost, trading at a mere 13% premium today.