AI Market Concentration Draws Dot-Com Comparisons as Leadership Narrows

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Market concentration around artificial intelligence stocks is beginning to resemble the final stages of the dot-com era, according to KB Securities. Analyst Euntaek Lee said current trading patterns are largely the same as those seen in 1999, when investor attention became heavily focused on internet-related companies while other sectors delivering strong earnings growth were largely overlooked. Lee noted that financial and healthcare stocks benefited from solid earnings drivers during 2025 yet have been left out of the rally simply because they are not AI plays. He highlighted stocks skyrocketing on news of a visit by Jensen Huang or a hint of forays into AI and robotics despite the absence of related earnings. While narrowing market leadership is often viewed as a warning sign, Lee suggested that rising concentration may indicate the market still has momentum, though he acknowledged risks associated with a market driven by an increasingly small group of stocks.

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