The 10 largest AI-related stocks now represent 42% of total US market capitalization, surpassing dot-com bubble concentration. The figure has more than doubled since the 2022 bear market low. Historical comparisons: TMT peaked at 41% in 2000, Nifty Fifty at 40% in 1970s, Japan bubble at 44% in 1980s. Only railroad stocks exceeded this, at 63% in early 1900s.

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