Your Portfolio Is One Big AI Bet — The Diversification Illusion

Are investors really diversified — or has the AI boom turned major stock indexes into one enormous concentrated bet?

Rupert Mitchell, author of The Blind Squirrel, joins Maggie Lake to explain why he believes traditional index investing may now offer a false sense of diversification. His concern: U.S. stocks remain expensive, AI and semiconductor exposure dominates more portfolios than investors realize, and even global indexes may be far more concentrated than they appear.

Mitchell explains why he currently favors the equal-weight S&P 500 over the Nasdaq-100, where he sees better value outside U.S. equities, and how he is constructing a portfolio designed to survive the next 20 years.

They also discuss:

• Why U.S. equities look historically expensive

• The growing concentration of AI and semiconductor stocks

• Equal-weight S&P 500 vs. Nasdaq-100

• Whether the economics of the AI boom will actually hold up

• Gold’s role in a changing global monetary system

• China’s growing influence over oil prices

• Why energy stocks could benefit from a new oil-price regime

• Copper, Glencore and long-term commodity exposure