BofA raises red flag on SpaceX, OpenAI IPOs
Key takeaways
- Bof A raises red flag on Space X, Open AI IPOs Tobi Opeyemi Amure Sun, May 24, 2026 at 10:07 PM GMT+7 5 min read SPAX.PVT ^GSPC Markets do not crash when investors are afraid.
- That is roughly where the US stock market sits in late May 2026.
- Wall Street has seen this kind of single-sector dominance before, in 1929, in 1972, in late-1980s Tokyo and in 1999.
Bof A raises red flag on Space X, Open AI IPOs Tobi Opeyemi Amure Sun, May 24, 2026 at 10:07 PM GMT+7 5 min read SPAX.PVT ^GSPC Markets do not crash when investors are afraid. They crash when investors are convinced the rules have changed, when even the most cautious money managers find themselves crowded into the same trade because the alternative is missing the year.
That is roughly where the US stock market sits in late May 2026. Tech now accounts for more than 44% of the S&P 500, and the top nine names alone make up roughly 37.7% of the index. Retail traders are leaning long, volatility has gone quiet, and the artificial intelligence (AI) trade has rolled into a second straight year of double-digit gains.
Wall Street has seen this kind of single-sector dominance before, in 1929, in 1972, in late-1980s Tokyo and in 1999. Every one of those moments looked normal until it didn't. The veterans who lived through any of the four have started saying so out loud.