The S&P 500 closed above 7,600 for the first time in history. Semiconductor stocks surged 6% in a single session. HPE is up nearly 60% combined over two trading days after its earnings print. MRVL added 32% on a single Jensen Huang comment. Micron crossed $1,000 per share a day earlier.These are extraordinary moves concentrated in a single theme over an extraordinarily short period. That concentration deserves some attention from a portfolio risk management perspective.When multiple AI infrastructure names all surge simultaneously, driven by a combination of earnings beats, product announcements, and executive endorsements, the market is pricing a scenario where everything in the AI hardware stack executes simultaneously without disruption. That may well happen. But the history of technology super-cycles includes periods of overbuilding, inventory correction, and multiple compression that do not discriminate between companies with genuine competitive advantages and those riding the same wave.I am not suggesting the AI demand cycle is over. The structural case for continued infrastructure buildout is credible. What I am suggesting is that adding significant new exposure to AI hardware names after a week in which the sector moved 30% or more is a different risk profile than it was a week ago. Sizing discipline and rebalancing toward entries on pullbacks rather than strength is how I manage this environment in client portfolios.