Concentration of AI stocks inside S&P 500 hits dot-com bubble peak – and Bitcoin miners are now exposed

Bank of America data shows the 10 largest AI stocks now account for about 41% of the S&P 500, a concentration comparable to the dot‑com peak. Crypto miners have pivoted into AI/HPC hosting—taking on large contracts, debt, and conversion projects—which reprices their equities around infrastructure execution as much as Bitcoin economics. If AI demand cools, highly exposed miners (Core Scientific, TeraWulf, IREN, Cipher, Riot, etc.) could face equity, credit and contract risks, while miners remaining focused on Bitcoin might benefit from eased competition for power, rack space and interconnections. The near-term market signal will come from financing terms, tenant delivery, new power contracts and hashprice rather than AI rhetoric alone.