Your Portfolio Is One Big AI Bet — The Diversification Illusion

Mitchell argues passive indexes are concealed AI/semiconductor bets, favoring equal-weight stocks, energy, gold, and non-US equities instead.

• AI concentration risk: Mitchell says MSCI Emerging Markets is roughly 50% semiconductor-exposed (Samsung, SK Hynix, TSMC), making 'diversified' global portfolios one big AI bet.
• S&P valuation warning: Over half the S&P 500 by market cap trades above 10x price-to-sales, a level he says offers poor 3-5-10 year return prospects.

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