Nvidia (NASDAQ: NVDA), Microsoft (NASDAQ: MSFT), Apple (NASDAQ: AAPL), Amazon (NASDAQ: AMZN), Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL), and Meta Platforms (NASDAQ: META) walk into an index fund. They take up about a third of the room. As of Nov. 2, 2026, these six stocks make up 30.8% of the S&P 500 (SNPINDEX: ^GSPC). Line up the index's 428 smallest companies, and their combined weight still looks small by comparison. That share has held roughly steady in recent years. In October 2024, the same six stocks made up about 30.2% of the S&P 500. Most of the added concentration since then has come from further down the list, as Broadcom, Tesla, and Eli Lilly gained ground. The index's 10 largest companies now account for 39% of its weight, up from about 36.4% two years ago.
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