New Delhi, Dec. 14 -- The extraordinary rally in US technology stocks over the past few years, especially those linked to artificial intelligence, has left investors wondering whether they are witnessing the formation of another classic market bubble.

For Indian investors, the concern is sharper because most international exposure from the country is concentrated overwhelmingly in US equities, particularly Nasdaq-heavy funds. While exposure to the world's largest economy remains important, the current environment suggests that investors need to think more broadly about global diversification, rather than anchoring portfolios to a single market and a single theme.

The US market rally has increasingly become a narrow one, powered by a sma...