'Most companies are essentially failing': Experts warn of a disturbing disparity between 'old' and 'new' era stocks

AI has exploded into the predominant engine behind America’s GDP growth (1) and the stock market’s (2) celebrated rally in 2026, but while some investment pundits continue to endorse chip makers (3) and hyperscalers, others are warning of the collapse they believe will inevitably follow such speculative conditions.

JPMorgan Chase CEO Jamie Dimon , “Mad Money” host Jim Cramer , “The Big Short” inspiration Michael Burry and others have been comparing the high spirits of recent months to those felt just before the dot-com bubble burst and plunged the world into a paralyzing (albeit short-lived) recession at the turn of the millennium.

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We can add to this list of admonishers the seasoned investment strategist Jim Paulsen, who has recently called attention to an unsettling trend he’s noticed in the S&P 500.

Paulsen, who spent decades as chief investment strategist for the Leuthold Group, now, like Burry, (4) dispenses financial counsel largely via a Substack (5) and associated newsletter that thousands look to for economic guidance. His last few posts center on an “extreme” bifurcation of the market that doesn’t bode well for AI enthusiasts.

As Paulsen explains, what keeps such historic stock market highs grounded is the “old era” stocks such as banking, manufacturing and the like, which tend to trend in the same direction as the shiny new tech stocks responsible for the rise.