What's being penalised is diversification itself. Punishment awaits any portfolio that doesn't look like the index, says UBS. Clever stock picking won't deliver outperformance like it once did, not just because it's hard, but because it means allocating cash away from the dominant eight.
The striking part is not the total. It is the concentration. The money tripled while the number of deals collapsed: just 34 deals so far in 2026, against 99 across all of 2025 and 127 in 2024. Investors have stopped spreading small bets across dozens of startups and started pouring billions into the few players they believe will own the market.
3w ago
Underscored — save the words that stop you in your tracks.
