Top 10 US stocks now drive 40% of the S&P 500's weight

The 10 largest US companies now hold 40% of the S&P 500's total market capitalization while generating a record 38% of its earnings, The Daily Hodl reported, citing data from The Kobeissi Letter.

That earnings share has doubled since the 2022 market bottom. By late 2025, the same group of companies produced roughly 30% of S&P 500 profits despite holding similar market weight to today. At the height of the 2000 dot-com peak, by contrast, the top 10 delivered only 15% of earnings against 27% of market cap, a gap showing investors were paying up for growth stories that hadn't yet turned into profit. Today's numbers show something different: the earnings have largely caught up to the valuations, which changes the argument for why these stocks trade where they do.

• Top 10 market cap share today: 40%
• Top 10 earnings share today: 38% (record)
• Top 10 earnings share, late 2025: roughly 30%
• Top 10 earnings share, 2000 dot-com peak: 15% (vs. 27% market cap)

The companies behind the numbers read like a familiar list: Nvidia, Apple, Microsoft, Amazon, Alphabet, Meta, Broadcom, and Tesla together exceed 35% of the index's weight in mid-2026 reports. Nvidia's own results help explain why. The company guided to $108 billion in revenue for the third quarter alone, a figure that assumes zero data center compute revenue from China, building on a record $96.2 billion posted last quarter for a projected $204.2 billion across six months. Nvidia is now a $5 trillion-plus company growing revenue 106% year over year, and hitting that Q3 guidance would mark 1,730% revenue growth in four years. Intokened covered a related piece of that growth story earlier today: Nvidia's $12.9 billion move to acquire Hugging Face.

"Never in history has a company of this size grown at such a fast pace," The Kobeissi Letter wrote of Nvidia. "Once again, we are witnessing history." The same concentration logic shows up outside equities too: Intokened reported today on BlackRock's IBIT pulling in a record share of spot Bitcoin ETF trading volume, a different market running the same pattern, a small number of dominant players capturing an outsized share of both flows and attention. Whether that concentration reflects durable strength or a market that's stopped diversifying its bets is the question investors in both asset classes now have to sit with.

This piece is informational, not a recommendation to buy, sell, or hold any asset.