Wall Street’s most powerful tech giants are rewriting the rules of market dominance.
What Happened: The so-called Magnificent Seven tech giants surged to a record-breaking $19.4 trillion in combined market value Thursday morning. This latest surge is reshaping the very structure of the S&P 500—leaving investors stunned.
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Indeed, blowout earnings reports from Microsoft Corp. (NYSE:MSFT) and Meta Platforms Inc. (NASDAQ:META) helped propel the overall valuation.
The group—which also includes Nvidia Corp. (NASDAQ:NVDA), Apple Inc. (NASDAQ:AAPL), Amazon.com Inc. (NASDAQ:AMZN), Alphabet Inc. (NASDAQ:GOOGL) and Tesla Inc., (NASDAQ:TSLA)—now makes up 35% of the S&P 500’s total value, a new all-time high for index concentration.
The combined market cap is now above China’s entire economy, which was worth $18.7 trillion in 2024, according to the …