Alphabet and Nvidia alone make up a third of the S&P 500’s gains this year, in a sign of Big Tech’s dominance

Just two Big Tech stocks have accounted for more than a third of the S&P 500’s gains so far this year, underscoring how the market has become increasingly concentrated around major companies.

Shares of Google parent Alphabet

GOOGL GOOG, along with Nvidia NVDA, have contributed about 34% of the S&P 500’s SPX year-to-date ascent, Nicholas Colas, co-founder of DataTrek Research, said in a note on Monday. Alphabet was the biggest winner, responsible on its own for 20% of the index’s rise.