For the six consecutive weeks of rising, the index has risen by 16%. The more extreme figure is: 10 stocks contributed a 69% increase during this period, while the remaining 490 stocks together accounted for only 31%. Of those, Alphabet, NVIDIA, and Amazon contributed 15%, 10% and 8% respectively.

This is not a healthy bull market structure. It's a highly concentrated capital movement driven by AI belief. As long as the AI narrative doesn't collapse, this machine will continue to operate. But once there’s a crack—whether it’s a tech titan’s performance falls short, or AI’s ability to monetize—the downside risk of the entire index is dramatically amplified because there’s no broad profit base underneath.