Big Tech carries the market once again without the five stocks responsible for most of the market's

gains the S&P would just be up one and a half percent this year instead of nine.

Deirdre Bosa has more in today's tech check.

If you brought in that out, Deirdre, then the market's down for the year.

Right, or you could call it the Minnificent Seven, the Five, the Fang, much has been made is being made of Tech's massive performance

out performance this year. Turns out that 2022 was just a breather. Now take your

pick of historical milestones as well. U.S. Tech's largest relative outperformance versus the S&P since January 1970

Lettavals.

It's the widest year-to-date gap between the Nasdak and the Dow Industrial since the

Nasdag launched in 1971, Carl mentioned that one.

And what about the concentration?

Now the rally has been led by SARS at 5, but brought that out to 7 stocks, the mega caps

that are driving the generative AI. Boom they now account

for 29% of the market cap of the S&P 500, 60% of the NASDAQ 100. J.P. Morgan said last

month that the US stock rally has been driven by the narrowest

leadership in a rising stock market since 1990.

Dig a little deeper and it's also semis as a sector. The SMH is up more than 40% this year.

If you thought the Nasdaq was good, that makes the Nasdaq's 25% move look tame.

Take Broadcom, this is a stock that Mizujo says has gone

parabolic off Gen AI investor Fomo to find the next in video. The firm also

notes AV Geo Broadcom is not GPS. That is the most popular type of chip for this shift and it will not be guiding up next quarter revenues by 50% like NVIDIA did. But Broadcom's technology and IP is key for the

mega cops building out their large their own large language models and AI

...