Market concentration remains HIGHLY concentrated: The top 10 stocks now reflect 36% of the S&P 500's market cap, near an all-time high. Moreover, the market cap of the largest US stock is ~700 TIMES larger than the 75th percentile stock, near the most since the Great Depression of the 1930s. Both metrics currently exceed the 2000 Dot-Com Bubble levels. Market concentration has eased slightly this year as the biggest stocks have underperformed. In fact, S&P 500 equal-weighted index has closed higher than the Magnificent 7 in 10 of the last 12 trading weeks. However, the market is still highly reliant on large cap tech. The market needs a bottom in big tech.