This article talks about how some big tech companies, like Apple (AAPL) and Amazon (AMZN), have a lot of control over the market. This is similar to what happened in the late 1990s with internet stocks. Some experts are worried that this could cause problems for the stock market in the future. Read from source...

- The article uses a misleading title to draw attention and imply causation where there is none. It does not show that tech giants' market concentration echoes the dot-com bubble peak in terms of actual economic effects or risks.
- The article relies on JPMorgan's analysis, which is questionable due to potential conflicts of interest and lack of objectivity. JPMorgan has a vested interest in promoting its own products and services, such as exchange-traded funds (ETFs) that track the Nasdaq 100 or the S&P 500.
- The article compares past and present market concentrations without accounting for the significant differences in the nature, scale, and characteristics of the tech industry and the internet sector in the late 1990s and early 2000s. For example, it does not consider how technological innovation, consumer adoption, regulation, competition, globalization, and other factors have shaped the evolution of both markets over time.
- The article uses vague and subjective terms such as "unchallenged dominance", "echos", "striking similarities", and "clear and present risk" without providing concrete evidence or data to support them. It also fails to acknowledge the potential benefits and opportunities that arise from market concentration, such as increased efficiency, innovation, quality, and choice for consumers.
- The article expresses a negative tone and bias against tech giants, implying that they are overvalued, unsustainable, and vulnerable to a crash. It also appeals to emotions by using words such as "frenzy", "bubble", and "downturn" without considering the possibility of rational explanations or alternative perspectives.

One of the main concerns for investors is how to protect their portfolios from the potential negative impacts of market concentration and increased volatility. Here are some possible strategies and recommendations based on the article:

- Diversify across sectors and industries: By spreading your investments across different areas of the economy, you can reduce the exposure to the tech giants and their potential downturns. For example, you could consider allocating some funds to health care, consumer discretionary, or industrials stocks, which may perform better in a less concentrated market environment.
- Consider value stocks over growth stocks: Value stocks are companies that trade at a lower price than their fundamentals justify, and they often have more stable earnings and dividends. Growth stocks, on the other hand, are companies that are expected to grow faster than the market average, but they may also be more sensitive to market fluctuations. In a highly concentrated market, value stocks may offer better protection and potential returns.
- Use options strategies to hedge risk: Options are contracts that give the holder the right to buy or sell an underlying asset at a specific price and time. By using options, investors can limit their losses or increase their gains depending on the market direction. For example, you could buy a put option (right to sell) on a stock you own, which would protect you from a decline in its price. Alternatively, you could sell a call option (right to buy) on a stock you don't own, which would generate income and limit your exposure to a potential rise in its price.