标普500创新高背后现极端分化，美银警告美股市场或接近泡沫末期

Odaily Planet Daily News: The S&P 500 Index hit a record closing high on the last trading day of May, but only a few of its constituent stocks simultaneously set new highs, with most concentrated in AI-related sectors, raising concerns about structural imbalances in the market. Analysts pointed out that although the index continues to hit new highs, gains are concentrated in a few heavyweight tech stocks, and market divergence is nearing historically extreme levels, potentially signaling a buildup of risks.

Data shows that only 20 S&P 500 constituent stocks hit all-time highs last Friday, of which just seven were not directly related to artificial intelligence. Michael Hartnett, strategist at Bank of America, noted that this phenomenon is highly reminiscent of the peak of the internet bubble in 2000, when similarly only about 20 stocks recorded new highs.

In his latest report, Hartnett warned that speculative sentiment continues in the current market, but against the backdrop of high interest rates and global central bank tightening policies, a turning point could be approaching. He advised investors to gradually shift towards defensive asset allocation.

The May rally in U.S. stocks was primarily driven by the semiconductor sector, with Micron Technology rising 87.8%, AMD gaining 45.6%, Samsung up 43%, and SK Hynix climbing 81%, pushing the Nasdaq index up 25% cumulatively in April and May—its best two-month performance in over two decades. (Jin Shi)