The S&P 500 Just Did Something It’s Only Done 3 Times Before. Why Trump’s AI Rally Is in Danger
Key takeaways
- The S&P 500 Just Did Something It’s Only Done 3 Times Before.
- The analyst who called NVIDIA in 2010 just named his top 10 AI stocks.
- The stock market keeps climbing walls investors barely seem to notice anymore.
The S&P 500 Just Did Something It’s Only Done 3 Times Before. Why Trump’s AI Rally Is in Danger Rich Duprey Mon, May 11, 2026 at 1:03 AM GMT+7 5 min read ^GSPC NVDA GOOG META Quick Read Nvidia (NVDA), Alphabet (GOOG), and Meta Platforms (META) collectively represent roughly 38% of the S&P 500’s weighting, with mega-cap tech stocks dominating index gains while hundreds of S&P 500 components hit new 52-week lows—a signal that previously appeared in July 1929, January 1973, and December 1999, all preceding major bear markets.
The Shiller P/E ratio sits near its second-highest reading in history with only November 1999 exceeding current valuation levels, meaning investors are paying record prices for AI earnings growth that may take years to materialize while the rally increasingly depends on a shrinking group of stocks to continue climbing.
The analyst who called NVIDIA in 2010 just named his top 10 AI stocks. Get them here FREE.