The ratio has replaced "second wave of inflation" as the top concern. The survey also points out that global semiconductor long positions are currently the most crowded trade in the market. Furthermore, the JPMorgan Chase warned earlier this year that the spending spree by big tech companies could evolve into a long-term investment bubble, while JPMorgan Chase Global Research estimates that the top 20 stocks in the S&P 500 currently account for approximately 50.8% of the total market capitalization.