For another perspective, here is a list of the biggest market cap companies publicly traded in America (not just S&P 500):
Largest Market Caps.jpg
Netflix is off the page in the ~25th range. Maybe we should replace them in the acronym with Microsoft... FAAMG? MAFANG? Add in Alibaba and get you some MAFANGA.
Now here is a list of the mega caps (top 36 companies) sorted by the biggest gainers over the last year:
Mega Cap Gainers.jpg
So these are the guys pulling the market up lately. Outliers are the top 3 there clearly, TSLA PDD and NVDA. How do the MAFANGA stocks check in? They are all there in the top 15 shown, but more mixed in now. And it's almost entirely tech. The 2nd half of the list (not shown) is far more diversified, but looks like you'd be sitting somewhere around a 0-3% total return over the last year if you owned only them.
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