The top 10 US companies now generate a record 38% of S&P 500 earnings while holding 40% of the index's total market capitalization, according to The Kobeissi Letter. That earnings share has doubled since the 2022 market bottom, and Nvidia has separately guided to $108 billion in Q3 revenue.
The top 10 US stocks now represent 40% of the S&P 500's total market capitalization while generating a record 38% of its earnings, The Kobeissi Letter reports. A handful of companies now account for a larger share of index profits than at any point on record.
Earnings concentration doubles since 2022
The current 38% earnings share has doubled from levels seen at the 2022 market bottom. By late 2025, the same companies produced roughly 30% of profits despite similar market weighting.
At the height of the 2000 dot-com peak, the top 10 delivered just 15% of earnings against 27% of market cap. According to The Kobeissi Letter: "A handful of stocks are now driving both the market and its earnings."
Nvidia guides to $108 billion in Q3 revenue
Recent data shows the leading companies include Nvidia, Apple, Microsoft, Amazon, Alphabet, Meta, Broadcom and Tesla, which together exceed 35% of index weight in mid-2026 reports.
Nvidia itself guided to $108 billion in revenue for Q3 alone, a figure that assumes zero data center compute revenue from China. That guidance builds on a record $96.2 billion in revenue posted last quarter, for a projected total of $204.2 billion across six months.
The company is now valued above $5 trillion and is seeing 106% year-over-year revenue growth. If Nvidia hits its $108 billion Q3 guidance, that would mark 1,730% growth over four years.
Source: The Daily Hodl
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