In recent times a significant percentage of the S&P 500 run-up has been driven by a small number of tech and AI stocks.  Plus the effects of AI can be expected to be further reaching yet for some while. That makes it harder to diversify against risk, as there is a single dominant variable, namely “AI risk” or something similar.  There is AI risk both in your portfolio and on your human capital, though possibly those will offset each other to some degree. Presumably the equity premium should rise as a result?  People will want more portfolio safety as a protective offset, and be gunshy about such a heavy equities bet on one major technology. If you have a longish time horizon, do you feel brave enough to act on that view? Or perhaps instead there is some simple way to hedge against AI risk?…