Monday - October 12, 2026

Bahnsen warns extreme S&P concentration and weak breadth make hyperscaler AI-capex guidance this earnings season a critical, fragile swing factor.

• Breadth deteriorating sharply: Average S&P stock moved 8.9% last month vs. the index's 0.8% — an 8.1-point gap, the widest in 30 years.
• Mega-cap concentration extreme: Top five S&P 500 companies now equal the bottom 434 by market cap, per Michael Batnick.

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