Big Tech vs Small Caps
The 5 largest US stocks (NVDA, MSFT, AAPL, AMZN, META) are now worth 4.9x more than all small-cap stocks combined, a new record.
🟡 Since 2019, this ratio has tripled, driven by mega-cap tech.
🟡 Gains since then: NVDA +5109%, MSFT +435%, AAPL +463%, AMZN +203%, META +440%.
🟡 In the same period, the Russell 2000 (small caps) rose just 66%.
🟡 For context: at the dot-com bubble peak (2000), the ratio was ~1.5x.
Before the 2008 crisis ~1.0x.
