S&P 500’s record highs mask a growing concentration risk, with just a handful of tech stocks driving most of its latest rally. As a result, many investors who believe they are diversified are effectively making a concentrated bet on mega-cap technology companies.

Steve Neamtz, President of Yorkville America Equities, managing the Trump Media & Technology Group‘s (NASDAQ:DJT) Truth Social Funds, told Benzinga in an emailed statement that despite the benchmark index reaching record highs, over 300 of its stocks are considerably below their all-time highs, indicating untapped opportunities.

He compared this situation to an aircraft that appears to be cruising smoothly at 35,000 feet, while three out of its four engine temperature gauges are overheating.

“The altitude reading is accurate, but the situation is not as comfortable as it might appear from the cabin. That is the S&P 500 right now, and the underlying picture is worth further examination,” said the asset manager with over three decades of experience.

Neamtz also identified three key areas of American growth in 2026: Defense spending, Domestic energy led by AI infrastructure investment and Sun Belt real estate. These sectors, which he called “structural forces, not trades,” however, only make up 6-8% of the S&P 500, while the Information Technology sector dominates with nearly 32%.

“If you want to own the ...