Shares in US technology giants have risen so rapidly this year, driven by an artificial intelligence frenzy, that their index weighting has skewed Wall Street’s overall performance — and prompted investors to run remarkably similar portfolios.
Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — which are among the biggest 10 companies on the S&P 500 — have accounted for about half the bellwether index’s gains in the year to October.
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