The stock market just did something eerily similar to the dotcom bubble top in 2000

A man walks a dog in the shade away from the midday sun past the New York Stock Exchange (NYSE) building in Manhattan, during hot weather in New York City, New York, U.S., August 11, 2020. Mike Segar | Reuters The S&P 500 closed at a record on the last trading day of May, but only a handful of stocks — focused mostly in the AI area — hit their own all-time highs. This strange occurrence echoes what happened at the top of dotcom bubble 26 years ago. On Friday, just 20 of the index members hit a record. Of those 20, just seven were not directly related to AI. Michael Hartnett at Bank of America pointed out in a note to end last week that it was just 20 stocks that hit new highs at the very top of the internet bubble in March 2000. While the widely followed strategist said the "speculative price action" is likely not over yet, this occurance is the latest sign that it is nearing. Hartnett believes central banks and rising interest rates will ultimately spell the end, giving clients a "post-bubble" roadmap. The May stock boom was driven largely by semiconductors, specifically memory chip makers like Micron Technology , Advanced Micro Devices , SK Hynix and Samsung, which are all valued at or near a trillion dollars. AMD soared 50% on the month, Micron jumped 85%, Samsung 43% and SK Hynix 81%. The tech-heavy Nasdaq Composite jumped 25% in April and May, its best two-month stretch in more than two decades. …