Magnificent Seven Adds $4.8T Since April, Now 35% of S&P 500's $68.2T Cap

The Magnificent Seven have gained $4.8 trillion since early April 2026, lifting their combined market cap from $19.29T to $24.11T—35% of the S&P 500's $68.2T total—and amplifying concentration risks in major indices. The story started May 11 flagging 80-85% overlaps in broad funds stacking mega-cap exposure; May 12 updates revealed top 10 stocks at 40% index weight, semis at 23%, SOX +146% vs. S&P +43% over two years, and Alphabet/Amazon/Meta driving 70% of 2026 earnings growth. May 14 recalled the group's 40% 2022 drop vs. S&P's 18%. Analysts push equal-weight ETFs amid AI momentum perils.