The S & P 500 as a whole is telling a bullish story taking place on Wall Street this year. Strip out the megacap technology names, and it tells a much different one. Investors have piled into the tech giants — including Nvidia, Microsoft, and Meta Platforms — this year as they mount bets on the proliferation of artificial intelligence. This has propelled the benchmark to all-time highs despite an ongoing tariff threat and questions around U.S. inflation. However, it’s also led to massive market concentration in just a handful of names. The seven-largest names in the index make up about one-third of the benchmark’s total market valuation. There’s another knock-on effect from tech’s dominance: It’s diluting the S & P 500’s capabilities as a leading economic indicator. For years, investors have looked to the benchmark to forecast future economic conditions, and even predict…
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