Stock market just did something eerily similar to the dot-com bubble top in 2000 (www.cnbc.com)

The stock market recently exhibited concerning similarities to the dot-com bubble of 2000, as only 20 members of the S&P 500 reached record highs at the end of May, primarily driven by AI-related stocks. This echoes the late stages of the tech boom, where limited stocks were responsible for market gains. Bank of America's investment strategist, Michael Hartnett, highlighted this narrow breadth of the market, warning that such speculative price actions indicate an impending market top, influenced by central banks and rising interest rates. Key performance drivers include semiconductors, with significant jumps from companies like Micron Technology (up 88%) and AMD (up 46%) over the past month. However, concerns are mounting about the market's sustainability, as the advance-decline lines suggest a weakening trend since mid-April. Hartnett advises investors to adopt a defensive posture, focusing on bonds and sectors that underperformed during the bubble, reflecting a broader apprehension within the AI/ML community about the longevity of the current tech-driven market rally.