The concentration of the top-10 companies in the S&% 500 index has reached a historic maximum – even higher than the level of the Great Depression.

In simple terms, all market money is concentrated in the largest corporations – which at the very least means the rest of the market is not feeling great. Historically, this is bad because it means the economy, apart from the giants, does not work.

Specifically in our case, the situation is further aggravated by the fact that SEVEN of the 10 companies in the top‑10 are AI‑related circular investments with characteristics of a financial pyramid.

That is, literally nothing is growing in the market except AI hype, which is not backed by any metrics at all – there is no money, no jobs, no profit, all funds are borrowed under promises of earnings after 2030.

So in fact, the situation now is even worse than in 2008 – back then at least there was a casino with housing, a real asset that had practical use.