Just 10 stocks are responsible for 70% of the S&P 500's entire rally since March 30th. The S&P 500 has gained roughly 23% since its March lows, but the overwhelming majority of those gains have come from just a handful of companies. $NVDA alone accounts for 13% of the rally, followed by $MU, $AAPL, and $MSFT at 9% each, $AMD at 8%, and $GOOG at 7%. Meanwhile, the other 490 companies in the index collectively contributed just 30% of the gains and if you look closely at the biggest contributors, there's a pretty obvious trend. A HUGE portion of this rally has been driven by companies benefiting directly or indirectly from the AI infrastructure buildout. This is also why I keep saying that simply looking at the S&P 500 doesn't tell you the entire story of what's happening in the market. The index might be hitting new highs, but that doesn't necessarily mean the average stock is performing anywhere near as well. You could have a market where the S&P 500 is up more than 20%, yet plenty of individual stocks are barely moving or even trading in the red. And that's exactly what happens when the index becomes increasingly dependent on a small number of companies to generate returns. Personally, I still believe the broader AI infrastructure trade has plenty of room to run, especially as spending on memory, compute, networking, and power continues accelerating. However, this chart also tells us something important about the current market. Investors are becoming increasingly selective about where they're putting their money, and right now, a relatively small group of companies is capturing most of those inflows. As long as these companies continue delivering strong earnings and guidance, I don't see that changing anytime soon.