Technology and related is over 40% of the S&P 500. Just three stocks are 21% of the index, NVDA, MSFT and AAPL. The top six stocks in the S&P 500 are all technology and are 31.6% of the S&P 500. Being optimistic, a technology weighting of 30% seems still very high. This sort of concentration is unprecedented, even compared to 1999, when technology was just over 30%.

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