Today's dominance by the "Magnificent Seven" is starting to look eerily similar to how markets were during the 1990s dot-com bubble, according to JPMorgan.
By the end of 2023, the 10 largest U.S. stocks, which includes all of the Magnificent Seven names, accounted for 29.3% of the MSCI USA.
The 10 largest stocks are: Apple, Microsoft, both share classes of Google parent Alphabet , Amazon , Nvidia , Meta , Tesla , Broadcom and JPMorgan .
.SPX YTD mountain S & P 500 To be sure, the valuations of the top 10 stocks in 2000 were "significantly more extreme" than they are today, Chaudhry said.
What's more, the top 10 stocks today are more crowded than they were even in 2000.
Persons:
That's, Khuram Chaudhry, Chaudhry, Michael Bloom
Organizations:
JPMorgan, USA, Microsoft, Nvidia, Meta, Broadcom, Apple
Locations:
U.S, USA