Apple and Nvidia now account for more than 15% of the S&P 500, its highest-ever concentration in two stocks, according to Creative Planning president Peter Mallouk. That tops the 9.1% share Microsoft and General Electric held before the dot-com bust.
Apple shares reached $345 on Tuesday, an all-time high, then slipped slightly amid a broader market pullback as 10-year U.S. Treasury yields rose. They are up 25% year to date after Apple unveiled the iPhone 18 and its first foldable, the Duo, earlier this month.
Nvidia said in late August that its business stands to grow at least 70% in its next fiscal year. CEO Jensen Huang said growth would be above 100% without supply constraints; Nvidia shares are up 21% year to date.
