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FollowingThe S & P 500 Index posted a 117% gain in four-year bull market, raising concerns about the concentration of technology giants.
As this market rebound celebrates its fourth anniversary (October 12), the S&P 500 Index (S&P 500) remains close to all-time highs, making it the sixth-strongest U.S. bull market since World War II. However, the ten largest companies by market capitalisation currently account for about 40% of the benchmark index's total market capitalisation, highlighting Wall Street's growing reliance on artificial intelligence.
The AI boom and improved earnings have pushed stocks up sharply
This rebound began after the U.S. stock market hit bottom in October 2022. At the time, the Federal Reserve's aggressive tightening policies and concerns about a recession put pressure on valuations. Since then, the enthusiasm brought by artificial intelligence, improved corporate profits and resilient economic growth have jointly driven stock prices to rise significantly. Despite rising oil prices and U.S. Treasury yields exceeding 5%, the S & P 500 index will still increase by more than 13% in a single year in 2026.
Artificial intelligence-related companies are the core drivers of this increase. Nvidia benefits from demand for AI-accelerated chips, while companies such as Microsoft, Alphabet, Amazon and Meta continue to invest heavily in data centers and computing infrastructure. The profit boom in the AI industry has also strengthened expectations for corporate profitability.
The proportion of the top ten giants rises to 40%, dividing index performance and individual experience
The S & P 500 is weighted by market value, which means that large companies have greater influence on the direction of the index. As of the end of August, the top ten stocks accounted for 37.8% of the index, according to data from the S&P Dow Jones Indices. According to ETF position data tracking the S & P 500 index, as of September 25, this concentration had increased to approximately 40.4%. Among them, Nvidia alone accounted for approximately 8.1%, followed by major technology companies such as Apple and Microsoft.
This high concentration results in significant differences between the index's overall performance and the actual experience of individual investors. Previous reports pointed out that despite the benchmark index hitting a new high, 70% of the S & P 500 stocks are still trading at least 10% below their recent highs.
