Nvidia, Apple and Microsoft Now Top 21% of S&P 500, a Record Concentration

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3▲2 ▼1Impact / 5
Summary · why it matters

Nvidia, Apple and Microsoft now account for over 21% of the S&P 500, the highest concentration of just three stocks in the index's history, according to new data from Creative Planning. The prior peak came in the mid-1980s, when IBM, AT&T and ExxonMobil made up 13.4% of the S&P 500 at their height. The three tech giants have been lifted by favorable news over the past month, pushing them to that record weighting. Separately, Citigroup analyst Atif Malik raised his price target on AMD to $800 from $575, citing more bullish CPU demand tied to Meta's success, and lifted his outlook for the CPU total addressable market to $300 billion in 2030 from $29 billion in 2025, a 60% compound annual growth rate. Morgan Stanley's Adam Jonas called SpaceX cheap, pointing to catalysts including Starship Flight 15, third-quarter earnings that could give a first look at the economics of SpaceX's internal AI services, Starship Flight 16, Grok 4.8, 4.9 and 5.0 releases, and further Neocloud deals. Melius Research analyst Connor Cunningham warned airlines may cut guidance because of rising fuel costs, a risk he said is not reflected in airline stock prices ahead of Delta's report.

Impact on assets 16

Artificial Intelligence▲
Advanced Micro Devices Inc
AMD
▲ PositiveCapitalrelevance

Citigroup analyst Atif Malik raised his AMD price target to $800 from $575 on more bullish CPU demand.

Industrials▼
Delta Air Lines Inc
DAL
▼ NegativeSupplyrelevance

Melius Research warned airlines may cut guidance due to rising fuel costs ahead of Delta's report.

Space Economy▲
Robotics & Physical AI▲
Semiconductors▲
Quantum Computing▲
Spatial Computing / AR/VR▲
Consumer Discretionary▲
Cloud & Digital Infrastructure▲
Energy Transition & Power Demand▲