A small group of dominant U.S. companies now controls an outsized portion of both the S&P 500’s overall value and its profits.
The top 10 US stocks now represent 40% of the index’s total market capitalization while generating a record 38% of its earnings, reports The Kobeissi Letter.
The earnings share has doubled from levels seen at the 2022 market bottom.
By late 2025, the same companies produced roughly 30% of profits despite similar market weighting.
At the height of the 2000 dot-com peak, the top 10 delivered just 15% of earnings against 27% of market cap.
“A handful of stocks are now driving both the market and its earnings.”
Recent data shows these leaders include major technology names such as Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG), Meta (META), Broadcom (AVGO) and Tesla (TSLA) that together exceed 35% of index weight in mid-2026 reports.
The data comes after Nvidia guided to $108 BILLION in revenue for Q3 alone.
“And, this guidance assumes ZERO data center compute revenue from China.
This builds on the record $96.2 billion in revenue posted for last quarter for a projected total of $204.2 billion in 6 months.
We now have a $5+ trillion company that is seeing +106% year-over-year revenue growth… If Nvidia, actually reports $108 billion in revenue for Q3 as they are guiding, that would mark +1,730% growth in 4 years. Never in history has a company of this size grown at such a fast pace. Once again, we are witnessing history.”
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