I tried to wrap my head around it here [1] and here [2] and still haven’t made up my mind about my investment thesis for 2026. The concentration and valuation of hyperscalers in the S&P500 does concern me slightly..

[1] https://philippdubach.com/2025/11/09/ai-models-as-standalone...

[2] https://philippdubach.com/2025/11/24/is-ai-really-eating-the...