AI CapEx Risk: There’s Nowhere Left To Hide | Cameron Dawson

AI CapEx boom has become so dominant it now underpins large portions of the global equity market, creating systemic risk.

Semiconductors have grown from 2% to 18% of the S&P 500, more than double the weighting at the peak of the late-1990s tech bubble.

Diversification is now much harder as AI exposure has infiltrated virtually every major asset class, leaving investors nowhere to hide.