You think the S&P 500 Index is too concentrated? Try going to another country for a while. The US is one of the *least* concentrated markets. Here's countries ranked by the % of market made up by top 10 biggest stocks, via @psarofagis in a banger note out today that is part of our ongoing 'Stop Overthinking Everything Because the Market Loves Punishing Midwits' theme..
A former karaoke company recreated itself as an AI-fueled logistics company, unveiled a new platform & spurred huge market losses in the latest “scare trade.” @neubergerberman’s Joe Amato called AI-disruption fears a “heat-seeking missile” in search of its next sector to target.
The state of markets right now:
Algorhythm, the AI firm that is sinking logistics stocks today, used to be called The Singing Machine Company and sold karaoke products until 2024