U.S. technology stocks have surged to unprecedented market influence, driven by AI enthusiasm and now comprising over 39% of the S&P 500's market cap. This concentration raises concerns about market breadth, as a few tech giants disproportionately drive index gains, prompting calls for portfolio diversification.

The market just had a month that could hold its own with some of the frothiest moments of the 1990s dot-com boom.

An $8 trillion AI stock rally faces scrutiny as traders warn that inflated token usage metrics may mask weaker demand. Nvidia trades at 33x earnings.