Three Tech Giants Reach Record Share of S&P 500
Nvidia, Apple and Microsoft now account for more than 21% of the S&P 500, with recent gains lifting their combined weight.
Key takeaways
- Nvidia, Apple and Microsoft represent more than 21% of the S&P 500.
- Nvidia announced a $150 billion buyback authorization increase, bringing its total to $235 billion.
Nvidia, Apple and Microsoft together represent more than 21% of the S&P 500, a record level of concentration, according to data from Creative Planning.
The three stocks have risen over the past month on favorable news. By comparison, IBM, AT&T and ExxonMobil together made up 13.4% of the index at their peak in the mid-1980s.
Nvidia announced a $150 billion increase to its stock buyback plan two weeks ago, bringing its total authorization to $235 billion. Its shares are now near a record high.
Apple is also near a record after a product unveiling in mid-September. Microsoft shares have advanced as analysts raised earnings estimates for this year and next, citing expectations that AI demand will support Azure cloud sales.
This article was produced with the help of AI technology. Source: Yahoo Finance
