BOSTON, MA, January 30, 2025 – The news of China AI startup, DeepSeek, and the subsequent stock reactions illustrates the risk to today’s equity market leaders. Last summer we started sharing a slide titled “Five Eras of Index Concentration” which showed that today’s concentration risk is not unique and market leaders change due to innovation and competition. Will the news of DeepSeek mark the end of an era for today’s winners?

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