<div id="readability-page-1">Concentration at extremes: Five tech giants now account for about half of recent S&amp;P 500 gains, with semiconductors at a record 15% of the index’s weight. Winners and laggards: Applied Materials posts record growth, but others like Himax and Power Integrations see sales declines, exposing uneven benefits from AI demand. Bubble risk signals: Analysts draw parallels to the 1990s dot-com era, warning high valuations and narrow market leadership could magnify a downturn.</div>

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<p>Five tech giants now represent about half of the recent S&P 500 gains, with semiconductors making up a record 15% of the index. While Applied Materials experiences record growth, companies like Himax and Power Integrations face sales declines, highlighting uneven AI demand benefits. Analysts warn of bubble risks, drawing parallels to the 1990s dot-com era, suggesting that high valuations and concentrated market leadership could exacerbate a downturn.</p>

Applied Materials

Power Integrations

Himax Tech

First Trust Nasdaq Food & Semicon

iShares Semiconductor ETF

VanEck Semiconductor ETF

SPDR S&P Semicon

Invesco Semiconductors ETF

Direxion Semicon Bull 3X

S&P 500

SPDR S&P 500

iShares Core S&P 500

VG S&P 500

AI chip rally fuels extreme market concentration risk