Market concentration is rising again alongside the market recovery:
The top 10 stocks now reflect a near record 38% of the S&P 500’s market cap.
At the same time, these stocks account for 30% of the S&P 500's earnings, an all time high.
Both measures have risen by ~10 percentage points over the last 3 years.
To put this into perspective, at the 2000 Dot-Com Bubble peak, the top 10 stocks accounted for just 27% of market cap and 16% of earnings.
Meanwhile, the top 3 stocks, Nvidia, $NVDA, Microsoft, $MSFT, and Apple, $AAPL, are now worth a whopping $10.5 TRILLION.
Big Tech has never been bigger.
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