Expert view, June 9 -- Arindam Mandal, Head of Global Equities at Marcellus Investment Managers, believes the US stock market may see some correction as parts of the AI ecosystem are showing bubble-like behaviour. In an interview with Mint, Mandal said the US stock market is rewarding a narrow set of winners, even as consumers remain cautious. Edited excerpts:

The contrast is because the US stock market has diverged from being a proxy for the economy.

Consumer sentiment is weak because households are still worried about inflation, rates and affordability. But actual spending indicators are not as weak as sentiment suggests.

Real wage growth is still positive, retail sales are holding up reasonably well, and the consumer is spending, th...