
The money going in circles
The AI build-out is being financed by the same handful of companies buying from each other. The mechanism is elegant. The exposure is the part no one wants to price.

Kasper connects the technology story to the money moving underneath it. He came to journalism from a trading desk and still thinks in basis points and concentration risk.

The AI build-out is being financed by the same handful of companies buying from each other. The mechanism is elegant. The exposure is the part no one wants to price.

The top ten stocks are now a record share of the S&P 500, and every passive fund that tracks it is an unhedged bet on the AI trade. The mechanism that carried it up has no brakes on the way down.