The S&P 493 index, the S&P 500 index excluding the 7 largest technology stocks, is up just 4% this year. $SPY+0.1%
While the S&P 7, also known as the 7 largest companies in the S&P 500, rose 52%.
Taken together, the S&P 500 index as a whole is up 13% this year.
The seven largest stocks in the S&P 500 now account for a whopping 34% of the value of the entire index.
Without these 7 stocks, the S&P 500 Index is essentially FAT and almost unchanged this year.
What happens if the AI excitement and hype around it fades?