You can’t help but feel uneasy when looking at market concentration. Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla now make up more than a third of the S&P 500, more than twice the level seen before the dot-com bust.

AI-related capital spending has outpaced the U.S. consumer as the main driver of gross domestic product growth. OpenAI alone plans trillions in data-center investments while exiting 2025 with about $20 billion in annualized revenue. Of course, there are physical limitations to how fast we can build. Data centers require enormous energy, land, and skilled labor—more than trade schools produce today—a concern raised in the Trump administration’s U.S. AI Action Plan.

On top of this is a web of circular financing among major players. Companies are using complex str

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