Top 10 S&P 500 Names at 38 Percent of Market Cap as Equal-Weight Stays Flat 9 Days

Cap-weight ^GSPC hit an all-time high on May 22 while the equal-weight version posted no gain for a ninth consecutive session, a divergence not seen at this width since the dot-com era. With NVDA guiding $91B and META committing $145B in capex, the remaining 490 names have no clear AI on-ramp, leaving ^RUT breadth near