The AI stock market isn't another dot-com bubble

Full Signal

Phil Rosen

Business, Investing

4.8 • 18 Ratings

🗓️ 10 November 2025

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Todd Sohn is an ETF strategist across the research and asset management teams at Strategas, and he's previously held roles at JPMorgan and SAC Capital Advisors. He joined Phil Rosen on Full Signal to discuss the outlook for stocks, AI vs. dot-com, how investors are seeking more leverage, the historic year for ETF inflows and more.

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Transcript

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0:00.0	On this episode of Full Signal, I sat down with Todd Sown. Todd is one of the smartest people in finance that I've ever met.
0:07.0	He works at Stratigas in asset management and research. In this conversation, we talk about ETF inflows hitting all-time highs, tech concentration in the SMP 500, the risks of Nvidia's weight in all these index funds,
0:21.6	contrarian trades for your portfolio, and much more.
0:24.5	I hope you enjoy this conversation.
0:28.3	Okay, Todd, right now the tech sector is making up 36% of the S&P 500.
0:33.8	We're probably getting more rate cuts.
0:35.3	A lot of people are talking about bubbles.com comparisons.
0:38.9	Give us your lay of the land on markets right now.
0:41.7	So I'm using three keywords into 2026.
0:45.5	Concentration, participation, and sensation.
0:49.3	Okay.
0:49.9	There's a little bit to dive in there.
0:51.0	You mentioned tech 36% of the index.
0:53.4	Top 10 weights are 40, 41% on any given day.
0:57.3	That's the concentration aspect.
0:58.7	That's not necessarily a bad thing.
1:00.4	It's more of a, here's the condition.
1:03.0	Understand what's in your portfolio.
1:04.9	If you have too much ownership of it, are you not diversified?
1:08.5	Take stock of that.
1:10.2	That's the concentration aspect.
1:11.9	Participation, and this is where the technicals can really come into handy, is how many stocks
	...

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