Magnificent 7 Weight in the S&P 500: 32% and Counting
Seven companies, a third of the index — the quarterly record of how concentration got here, and what previous generations of market leaders did next.
The number
As of 2026-07-03, the Magnificent 7 — Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta and Tesla — together represent 31.5% of S&P 500 market capitalization. Our latest reading is a live sum of current index weights; the historical series below is quarterly.
| Date | M7 share of S&P 500 |
|---|---|
| 2026-07-03 | 31.5% |
| 2026-03-31 | 32.8% |
| 2025-12-31 | 33.5% |
| 2025-06-30 | 32.5% |
| 2024-12-31 | 33.0% |
| 2024-06-30 | 31.0% |
| 2023-12-31 | 28.5% |
| 2023-06-30 | 27.0% |
| 2022-12-31 | 19.5% |
| 2022-09-30 | 18.5% |
| 2021-12-31 | 24.0% |
| 2020-12-31 | 22.5% |
| 2019-12-31 | 16.0% |
| 2018-12-31 | 13.0% |
Why concentration this high matters
- Diversification is thinner than it looks. An S&P 500 index fund holder has roughly a third of their money in seven business models with correlated AI-capex exposure. The pairwise-correlation panel tracks how often the seven trade as one.
- Index returns are their returns. In years when the seven lead, the cap-weighted index detaches from the equal-weighted average stock — 2023's gap was the widest since 1998.
- Historical rhyme. This is the highest top-seven share since the early-1970s Nifty Fifty. Every prior generation of "one-decision" leaders — Nifty Fifty, the 1999 Four Horsemen, FANG/FAANG — eventually drew down at least 40% (see the lineage panel). Leadership rotated; the market survived.
Valuation check on the leaders
Trailing PEs as of 2026-07-02: NVDA 30×, MSFT 23×, GOOGL 27×, META 21×. For scale: at the 1999 dot-com peak, Cisco traded at ~140× forward earnings and Oracle ~150×. Today's leaders are expensive versus the market, not versus that history — the difference is current earnings actually exist. The overlay lives in the AI-vs-1999 panel.
FAQ
What percentage of the S&P 500 is the Magnificent 7?
31.5% as of 2026-07-03 — up from 13% at the end of 2018.
Which stocks are the Magnificent 7?
Apple (AAPL), Microsoft (MSFT), Nvidia (NVDA), Alphabet (GOOGL), Amazon (AMZN), Meta (META), Tesla (TSLA).
Is S&P 500 concentration at a record?
Top-seven share is the highest since the early-1970s Nifty Fifty era. Prior leadership generations each eventually drew down 40%+ while the index itself recovered.
Computed from /api/mag7/concentration.json (latest point summed live from index weights) and /api/mag7/ai-valuation.json.