[Swissquote Analyst Warns AI Narrative Has Become a Core Pillar of U.S. Stocks, Potential for Significant Pullback if It Cracks] Odaily Planet Daily News – Swissquote Bank senior analyst Ipek Ozkardeskaya stated that broad-based indices and retirement funds are now deeply tied to the AI wave, with technology stocks accounting for approximately 40% of the S&P 500 index. She pointed out that the market capitalization weight of just three chip manufacturers makes up over 25% of the MSCI Emerging Markets Index. Ozkardeskaya emphasized that AI has become the 'core pillar' of the market, and this pillar 'cannot afford to show cracks.' In the short term, U.S. stocks will continue to be supported by seasonal factors, and the current market rally may extend through the end of the year. However, she also warned that the worst-case scenario would be a shake-up in the AI investment logic, leading to a loss of market confidence in the AI narrative, which could trigger a significant stock market pullback. (Jin10)