AI hype is tightening its grip on equity markets, with mega IPOs like SpaceX set to deepen the dominance of a handful of tech giants and further concentrate the S&P 500. But as TD Epoch’s Kevin Hebner warns, this narrow leadership comes with risk—markets are increasingly betting on a small group of capex-heavy AI players, even as the payoff from productivity and earnings may take longer to materialise than expected.

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Kevin Hebner

Kevin Hebner is a Managing Director and global investment strategist on Epoch’s Global Portfolio Management team.

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