Winners take most today; in the future, winners will take even more (Patreon)

The market cannot move without tech: Just 10 technology stocks have accounted for 59% of the US stock market’s rally since 2019. Alphabet, Amazon, Apple, Broadcom, Meta, Microsoft, Netflix, Nvidia, Palantir, and Tesla shares have rallied +295% since 2019. Together, they have accounted for a whopping +$16 trillion of the +$27 trillion added to the stock market during this period.

By comparison, the rest of the Nasdaq has increased +55%, adding +$4.1 trillion.

I argue that fewer winners will take even more in this age of AI