Big tech has never been bigger. The 2 largest S&P 500 companies, Nvidia, $NVDA, and Apple, $AAPL, now account for 15% of the index’s market cap, an all-time high. This comes as $NVDA represents a record 8%, while $AAPL accounts for 7%. By comparison, the combined weight of Exxon Mobil, $XOM, and Apple, $AAPL, peaked at ~8% in 2011. During the 2000 Dot-Com Bubble, Microsoft, $MSFT, and General Electric, $GE, topped at ~9% in 1999. Before 2020, the 2 largest stocks never accounted for more than 10% of the index’s market cap. The US equity market has never been this concentrated.

Big release for the IRS mobile app! You can now: 1. Check your refund status 2. Mobile payments 3. Access tax records 4. See notices from IRS 5. Update settings to receive less paper More features to come!