Shocking stat of the day:
Each of the top 4 S&P 500 companies is now larger than the entire Russell 2000 Index, which has a total market cap of $3.5 trillion.
Nvidia,
$NVDA, alone, with a $5.7 trillion market cap, exceeds the small-cap index by $2.2 trillion.
At the same time, Apple,
$AAPL, with its $4.9 trillion market cap, is worth $1.4 trillion more than the Russell 2000.
Alphabet,
$GOOGL, and Microsoft,
$MSFT, are valued at $4.2 trillion and $3.8 trillion, respectively, also surpassing the combined market cap of the Russell.
These 4 big tech stocks are now collectively valued at a massive $18.6 trillion, accounting for 26% of the S&P 500’s total market cap.
Meanwhile, the Russell 2000 represents ~7% of the total US equity market, despite containing nearly 2,000 companies.
Big tech has never been bigger.