By Daniel Sparks, The Motley Fool
Publication Date: 2026-08-22 08:32:00
Put $10,000 into the Vanguard S&P 500 ETF (NYSEMKT:VOO) and you own a slice of 520 stocks. But the slices are nothing like even. About $750 of that money lands in Nvidia (NASDAQ:NVDA) and about $658 in Apple (NASDAQ:AAPL) — and to me, the ordering of those two names says a lot about what an S&P 500 fund has become.
As of June 30, Nvidia was the fund’s largest holding at 7.50% of assets, ahead of Apple at 6.58%, a gap approaching a full percentage point of the entire index. For years, Apple sat on top. Here’s where the weights stand, how fast the switch happened, and what it means for anyone who owns an index fund and considers the matter settled.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a “Double Down” signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same “Total Conviction” signal is flashing for a company 1/100th the size of Nvidia. Continue »
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One company is 7.5% of the fund
The Vanguard S&P 500 ETF holds $1.05 trillion across those 520 positions, and the top of its list is an artificial intelligence (AI) supply chain in miniature. After Nvidia and Apple come Microsoft at 4.29%, Amazon at 3.61%, and Alphabet at 3.24% for its Class A shares alone. (Alphabet lists two share classes, so the company appears twice in the fund’s holdings table.)
Those five positions total 25.22% of the fund. And…