I’ve read many post about panic selling for AI bubble fear. What I saw in the last couple of months is an S&P500 which reached different new ATH while some big tech companies were falling down (Broadcom, Oracle, Microsoft and now Amazon). To me this looks like complete opposite trend to a real bubble. I say this because money are not being pulled out from S&P500 (in fact it is still very close to ATH) but just redistributed to smaller caps companies. Hard time for stock pickers, but not for ETF investors. Am I wrong?