New Delhi, Dec. 20 -- US technology stocks have risen sharply over the past few years, driven largely by excitement around artificial intelligence (AI). A handful of Big Tech companies are leading these gains, leaving investors worried about whether an AI bubble may be forming.

For Indian investors, this concentration is even more concerning because most international exposure from India is heavily tilted towards US equities, especially Nasdaq-focused funds. And nearly 54% of the Nasdaq is made up of just five companies: Nvidia Corp., Apple Inc., Microsoft Corp., Amazon, and Alphabet Inc.

It's clear that the US market rally is powered by a small group of AI-linked mega-caps, and this may explain why some global fund managers are beginni...