A handful of tech stocks have driven the eye-popping performance of the U.S. stock market in recent months.

So just how concentrated is this performance, and should investors be worried.

Extreme is the word I've been using.

By some measures, actually, you could argue this is the most concentrated market we've seen

in almost 100 years since the 1930s.

I'm Allison Nathan and this is Goldmanaks exchanges. For today's episode, I'm sitting down with Ben Snyder, a senior strategist on the U.S.

portfolio strategy team in Goldman Sachs research, and Peter Callahan, who covers the

U.S technology, media, and telecommunications markets business.

We'll be talking about the investor and broader implications

of high equity market concentration.

Then Peter, welcome back to the program.

Thank you.

So let's kick off.

The US stock market has performed exceptionally well, I think much better

than anyone expected, especially heading into 2024. U.S. indices are hitting record highs.

But this is really thanks to the performance of a handful of stocks, these mega-cap stocks

that we hear so much about the Magnificent Seven.

Then just give us some context first on just how concentrated this performance has been.

There's really two things going on. First is the concentration of the market.

So for example, if you look at the top 10 stocks in the S&P 500, they currently

account for about a third of the market cap.

That is exceptional relative to history.

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