A select group of dominant U.S. corporations now wield a disproportionate amount of influence over both the total value and earnings of the S&P 500.
According to The Kobeissi Letter, the top 10 U.S. stocks currently make up 40% of the index’s overall market capitalization and account for a staggering 38% of its profits.
This earning share has more than doubled since the market low of 2022.
By the end of 2025, these same companies were responsible for around 30% of the index’s profits despite having a similar market weight.
Comparatively, during the peak of the dot-com bubble in 2000, the top 10 companies only contributed 15% of earnings while representing 27% of the market capitalization.
“A small number of stocks are now steering both the market and its earnings.”
Recent data indicates that these leading companies include tech giants like Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG), Meta (META), Broadcom (AVGO), and Tesla (TSLA), collectively accounting for over 35% of the index’s weight in mid-2026.
This data follows Nvidia’s guidance of reaching $108 billion in revenue for Q3 alone.
“Moreover, this projection does not account for any data center compute revenue from China.
Building on the record-breaking $96.2 billion revenue from the last quarter, this would amount to a projected total of $204.2 billion in revenue over a span of 6 months.
We are now witnessing a company exceeding $5 trillion in value experiencing a remarkable +106% year-over-year revenue growth…If Nvidia does achieve the $108 billion revenue for Q3 as guided, it would signify a staggering +1,730% growth within 4 years.Never before has a company of this magnitude displayed such rapid growth in history.Once again, we are witnessing an unprecedented moment.”
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Image Credit: Midjourney
