Call it the grand rotation.
After several years of tech giants getting bigger and bigger market caps and dominating the makeup of the S&P 500 (^GSPC) like never before, a different dynamic has emerged in 2026. The weight of the top 10 stocks in the S&P 500 has recently seen some “major deterioration” relative to the rest of the stock market, RBC Capital Markets strategist Lori Calvasina pointed out.
The top 10 stocks in the S&P 500 by weight are Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG) Class A shares, Alphabet (GOOGL) Class C shares, Meta (META), Broadcom (AVGO), Tesla (TSLA), and Berkshire Hathaway (BRK-B). The performance of these top names is often a barometer of market sentiment.
The biggest tech stocks in the game take a hit. (Credit: RBC Capital Markets). · RBC Capital Markets
And sentiment on tech has soured as fears of…
