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</html><thumbnail_url>https://www.cambridgeassociates.com/wp-content/uploads/2026/05/AI-market-concentration.jpg</thumbnail_url><thumbnail_width>1200</thumbnail_width><thumbnail_height>628</thumbnail_height><description>No. Artificial intelligence (AI) has changed the shape of market concentration more than its substance. Leadership has expanded beyond the largest technology platforms into semiconductors, infrastructure, industrials, and utilities, but many of those winners remain tied to the same AI capex cycle. As a result, the market may look broader on the surface, while still [&hellip;]</description></oembed>
