I came across an interesting 10-ETF portfolio built around a pretty contrarian idea that the market looks strong right now, but the risks underneath it are getting bigger.

The S&P 500 is still near record highs. Earnings have held up. AI spending continues exploding. But this portfolio isn't positioned as if everything stays that way. Its 10 ETFs cover commodities, gold, QQQ, the Dow, microcaps, short Treasuries, market-neutral strategies, volatility, T-bills and Treasuries. What caught my attention isn't really the ETFs. It's why they're there.

1. The AI ROI test - We've spent years asking how big AI can become. Now trillions are being committed to the infrastructure behind it. Eventually investors are going to ask where are the returns? If AI revenues don't eventually justify all this spending, today's tech-heavy indexes suddenly look a lot more vulnerable.
2. The bond market - Government debt, persistent deficits and massive AI infrastructure financing are putting pressure on long-term rates. That matters because even Fed easing doesn't necessarily mean cheap long-term money.
3. Diversification isn't always diversification - Owning ten different stock ETFs doesn't help much if they all fall together when markets go risk-off. That's why this portfolio includes things like gold, commodities, T-bills, anti-beta and even volatility.

The portfolio came with a warning that the post-2022 boom may eventually end in a bust with a possibility of the S&P 500 experiencing a five-year period with essentially zero return.

I'm not nearly convinced that's coming, but the market is near record highs while many of these risks are getting larger, not smaller. Maybe the question for the rest of 2026 isn't whether to get out of stocks. Maybe it's whether your portfolio is actually diversified if the AI trade finally stumbles.