The index is setting records while the median stock is in a bear market.
AI names now supply roughly 46% of index earnings, so record closes ride entirely on a narrow AI earnings machine that must outrun a 5%+ 10-year while the typical stock trades 17% below its own high.
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Concentration is the structural fact beneath the records: nearly half of index earnings now depend on AI names facing a 35%+ beat bar against a 5.2% 10-year.
Even on the day the index set its record, losers swamped winners three to one, showing the index diverging from the typical stock it is supposed to represent.
The median stock sitting 17% below its high while the index peaks is the widest index-versus-median divergence since 2000, quantifying the hidden bear market.