美股涨势集中度创35年来新高，分析师警告市场或暂歇

Odaily Odaily Planet Daily News Driven by AI optimism and strong earnings reports, the S&P 500 and Nasdaq have both hit record highs. However, this rally clearly lacks breadth, with the majority of gains contributed by large-cap tech stocks.

Analysts at UBS pointed out that in the six weeks ending May 15, the market-cap-weighted S&P 500’s outperformance relative to the equal-weight S&P 500 was the largest in at least 35 years. Given that a significant portion of market value growth is driven by AI-related large-cap tech stocks, UBS advises investors to reduce overly concentrated positions and guard against concentration risk.

UBS also noted that as the earnings season draws to a close and market focus shifts back to the unresolved situation in the Middle East, the market may enter a phase of temporary consolidation.

Ipek Ozkardeskaya, Senior Market Analyst at Swissquote Bank, stated that she has been monitoring the breadth issue. Currently, most of the gains are concentrated among a few tech companies that are "priced to perfection." "If there is any flaw in their pricing logic, we could see a bubble-like crash," she said. (Jin Shi)