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The S&P 500's seven-quarter streak of double-digit earnings growth has most investors feeling covered.
Michael Landsberg, chief investment officer at Landsberg Bennett Private Wealth Management, says the real risk is already inside the portfolio: AI-adjacent exposure dressed up as sector diversification, and most investors have no idea how deep it runs.
Landsberg's argument is straightforward and uncomfortable. Utilities, industrials, REITs, even some energy names now trade as data-center or AI plays. "That's not true diversification," he said this week.
He estimates real technology exposure in the S&P 500, once communication services and Amazon's placement in consumer discretionary are folded in, sits closer to 45 to 50%.
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