When One Technology Dominates Portfolios

If market gains are driven by a tiny set of firms tied to one transformative technology, standard diversification fails: financial returns and human‑capital risk become correlated around the same technology shock. That raises the equity premium, increases demand for non‑correlated hedges, and forces informal career hedging (e.g., fallback training) as a risk management strategy. — This reframes investor protection, labor policy, and education choices as part of the same systemic exposure problem caused by technological concentration.