{"updated": "2026-05-11", "source": {"name": "Bloomberg + Goldman Sachs ISG + Apollo (cross-checked)", "method": "S&P 500 float-adjusted market cap share, quarterly snapshots."}, "note_cn": "M7 在 S&P 500 总市值中的占比演变。三家公开来源(Bloomberg、Goldman ISG、Apollo)每季公布的口径互相在 0.5 个百分点内一致;我们采用人工策展的季度快照,而不是从 yfinance 动态计算——因为 S&P DJI 的 float adjustment(自由流通调整)是闭源过程,无法从市场数据复现。", "note_en": "M7 share of total S&P 500 float-adjusted market cap, by quarter. Three public sources (Bloomberg, Goldman ISG, Apollo) agree to within ~0.5pp on every print. We hand-curate the quarterly snapshots rather than recomputing from yfinance — S&P DJI's float-adjustment is a closed process that can't be reproduced from market data alone.", "latest": {"date": "2026-03-31", "weight": 32.8, "note": "Latest quarter — slight de-concentration as broader semis and software outperform."}, "peak": {"date": "2025-12-31", "weight": 33.5, "note": "Approximate Q4-25 reading; absolute peak so far."}, "series": [{"date": "2018-12-31", "weight": 13.0, "note": "Pre-AI; AAPL/MSFT/AMZN/GOOGL dominate, no NVDA/META leadership yet."}, {"date": "2019-12-31", "weight": 16.0, "note": "Cloud + iPhone rebound year."}, {"date": "2020-12-31", "weight": 22.5, "note": "COVID + work-from-home rally; first time M7 cleared 20%."}, {"date": "2021-12-31", "weight": 24.0, "note": "Peak liquidity era; everything-rally extends concentration."}, {"date": "2022-09-30", "weight": 18.5, "note": "Bear market low — concentration falls back as megacap deflates with everything else."}, {"date": "2022-12-31", "weight": 19.5, "note": "Year-end after the worst Fed hiking cycle in 40 years."}, {"date": "2023-06-30", "weight": 27.0, "note": "ChatGPT/NVDA inflection — M7 contributes ~90% of S&P 500 YTD return."}, {"date": "2023-12-31", "weight": 28.5, "note": "Five of seven hit new all-time highs in Q4."}, {"date": "2024-06-30", "weight": 31.0, "note": "NVDA briefly the world's largest company."}, {"date": "2024-12-31", "weight": 33.0, "note": "Highest single-group concentration in modern US history (since the Nifty Fifty era)."}, {"date": "2025-06-30", "weight": 32.5, "note": "Plateau; some rotation into broader AI ecosystem (semis ex-NVDA, utilities for power)."}, {"date": "2025-12-31", "weight": 33.5, "note": "Approximate Q4-25 reading; absolute peak so far."}, {"date": "2026-03-31", "weight": 32.8, "note": "Latest quarter — slight de-concentration as broader semis and software outperform."}]}