The S&P 500's upward trend is concentrated in AI leading stocks, and analysts warn of a turning point in June According to institutional data, the S&P 500 index has recently hit a new high, but the upward trend is mainly driven by a few AI leading stocks, and the market breadth has weakened. BTIG analyst Jonathan Krinsky pointed out that if the rise of heavyweight stocks slows down, even if small and medium-sized stocks recover, it will be difficult to prevent the index from falling, and it is expected that there may be a turning point in the market in June. Data shows that the S&P 500 index has closed up for six consecutive trading days, with more stocks falling than rising. According to Deutsche Bank data, as of the end of May, the S&P 500 has risen by over 16% in the past two months, which is one of the rare rapid rallies since World War II. Similar situations have only been seen before the 1987 stock market crash in history.