It is estimated that AI-related infrastructure and chip manufacturers account for 30–40% of overall performance, and this sector represents nearly 45% of the index’s total market capitalization. Capital is directed toward a small group of companies linked to long‑term demand for computing power.
This creates a divergence between index performance and the overall market situation. Gains are concentrated in the high‑cap segment, while most stocks remain lagging. Some capital rotation toward energy and financial sectors is observed, but compared to the inflow into AI companies it remains limited. Market liquidity stays high at the index level, though investor activity beneath the surface is uneven.
In the digital assets segment, cryptocurrencies lag behind U.S. equities this year, and lower liquidity indicates capital flowing toward large‑cap stocks. This shift reflects a preference for assets with visible earnings and more transparent demand drivers.
The current situation focuses on the dominant theme. As capital flows diminish, markets become increasingly sensitive to expectation changes. If the AI development narrative persists, concentration may continue. If it weakens, a correction is likely to be more abrupt, given how much of the change stems from the performance of just a few companies.
Ryan Lee, Chief Analyst at Bitget Research
