MARKET MONOCULTURE
10/07/2026 |
US equity market performance is increasingly being led by the Magnificent Seven including the hyperscalers (Amazon, Alphabet, Meta, and Microsoft) plus Apple, Nvidia, and Tesla. They closed yesterday with a combined market cap of almost $25 trillion, 77% of US GDP. Moreover, Y-o-Y 26Q3 tech EPS growth is expected to be 65%, double the overall S&P 500. The market may be a one-trick pony, but it’s staggeringly large and profitable.