The market's growth leadership has become abnormally concentrated in a small number of mega-cap technology stocks, leaving investors with fewer obvious opportunities to find rapid earnings growth outside of the AI trade. Ten AI-related stocks currently account for over 40% of the S&P 500's market capitalization, with NVDA, AAPL, and MSFT accounting for approximately 21.7% of the index. That concentration has made non-tech growth stocks more appealing, but also more selective: a company can generate strong revenue growth while struggling to justify its valuation if margins, debt, customer concentration, or capital intensity are all trending in the wrong direction.
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