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Franklin Templeton, which oversees roughly $1.5 trillion in assets, published a macro outlook warning that owning an S&P 500 index fund, the default retirement strategy for millions of Americans, now functions as a concentrated bet on a narrow group of AI-related stocks rather than broad market exposure. The top 10 companies in the index currently trade at 29.9 times forward earnings while the remaining 490 stocks trade at just 19.5 times, a valuation gap that reflects how severely the index has become top-heavy. https://www.aol.com/finance/franklin-templeton-warns-diversification-may-153300312.html

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