Tech's Trillion-Dollar Club Takes Lion's Share of Market Gains
• Market leadership becoming more concentrated in a few mega-cap tech stocks like FAANG companies • Top 10 S&P 500 stocks taking more market share compared to next 40 and broader index • Institutional investors adding exposure to "Magnificent 7" (GOOG, AMZN, AAPL, META, MSFT, NVDA, TSLA) • Non-institutional investors significantly overweight in Magnificent 7 stocks • Magnificent 7 account for 29% of S&P 500 market cap but 34% of expected earnings growth in 2024