By David Prior
Publication Date: 2026-10-06 23:55:00
The S&P 500 has reached an unprecedented level of concentration, with just three technology giants now accounting for more than a fifth of the entire index.
Data from Creative Planning shows that Nvidia (NASDAQ: NVDA), Apple (NASDAQ: AAPL), and Microsoft (NASDAQ: MSFT) collectively represent over 21% of the S&P 500 (INDEXSP: .INX), a record high level of combined weighting.
To put that dominance in historical perspective, IBM (NYSE: IBM), AT&T, and ExxonMobil at their peak in the mid-1980s made up just 13.4% of the S&P 500.
The concentration of these three stocks has intensified over the past month, driven by a series of favorable corporate developments that have pushed share prices higher across all three companies.
Nvidia ignited investor enthusiasm two weeks ago when it revealed a $150 billion stock buyback plan, described as the largest share repurchase authorization increase in history.
That announcement brings Nvidia’s total buyback authorization to $235…
