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Andreas Steno Larsen, founder & CEO, states that if SpaceX were included in the SPX index, AI-related stocks would currently make up 51 percent of the index.
He further points out that with potential listings of Anthropic and OpenAI and their addition to the SPX in 2027, the AI sector's share in the index could rise to approximately 55 percent. According to Larsen, the last time a single theme dominated more than 50 percent of the SPX was during the railroad era in the 19th century.
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Larsen has recently commented on fixed income markets, noting that bond market unease followed the Fed’s signal of no urgency for an October rate hike. He also previously highlighted that market-implied odds of a rate cut rose to 44 percent after remarks by Fed President Williams. These observations add context to his analysis of sector concentration in the SPX.