Apple (AAPL) and Nvidia (NVDA) Now Control Record 15% of S&P 500 Index

Key Highlights

• The combined weighting of Apple and Nvidia in the S&P 500 has surpassed 15%, establishing a new record for two-stock concentration in the index.
• This milestone exceeds the 9.1% share that Microsoft and General Electric commanded during the peak of the dot-com era.
• Apple shares reached a new record high of $345 following the launch of the iPhone 18 and the debut iPhone Duo foldable device.
• Nvidia projects fiscal year growth of at least 70%, with CEO Jensen Huang indicating potential for over 100% expansion if supply constraints ease.
• The S&P 500’s ten largest companies collectively represent 38.69% of the total index value.

The dominance of Apple and Nvidia in equity markets has reached unprecedented levels. The two technology giants now comprise more than 15% of the S&P 500 Index, as reported by Peter Mallouk, president of Creative Planning.

Source: Creative Planning

This milestone represents the greatest combined influence any two stocks have wielded in the benchmark index throughout its entire history.

To put this in perspective, the peak concentration during the dot-com bubble era saw Microsoft and General Electric combine for just 9.1% of the index. The current figure surpasses that by more than five full percentage points.

Breaking Down the Concentration Data

According to the latest data, Nvidia commands the largest position in the S&P 500 at 8.21%. Apple holds the second position with a 7.40% weighting.

When combined, these technology leaders account for 15.61% of the total index value, according to holdings information from the S&P 500 ETF dated September 23.

The concentration becomes even more striking when examining the top ten constituents. Microsoft, Amazon, Alphabet, Broadcom, Meta, Micron, and Tesla complete the list. Collectively, these ten companies represent 38.69% of the entire S&P 500.

Apple shares touched a record peak of $345 this week. The surge came on the heels of product announcements including the iPhone 18 and the company’s inaugural foldable device, the iPhone Duo.

The stock has experienced a modest retreat as Treasury yields climbed and market momentum slowed. Despite this pullback, Apple maintains gains of approximately 24% to 25% for the calendar year.

Nvidia has also posted impressive performance, with shares climbing roughly 20% to 21% year-to-date. The stock settled at $224.58 on September 24.

Nvidia’s expansion is deeply connected to surging demand for artificial intelligence processors. In late August, company executives projected business expansion of no less than 70% in the upcoming fiscal year.

According to CEO Jensen Huang, growth rates could exceed 100% if manufacturing and supply chain constraints were not limiting production capacity.

Multi-Year Concentration Increase

This concentration trend has been building over an extended period. Analysis of quarterly SEC disclosure documents reveals that the top 10 S&P 500 constituents expanded from 21.6% in September 2019 to a maximum of 38.8% by September 2025.

The figure registered at 36.4% as of June this year before resuming its upward trajectory.

The S&P 500 employs market capitalization weighting, meaning larger companies exert proportionally greater influence on index performance. As Apple and Nvidia’s valuations increase, their index representation automatically expands.

This structure contrasts with certain international benchmarks. Japan’s Nikkei Stock Average, for instance, implements a 10% maximum weighting for individual stocks. When a company exceeds this limit, the index applies an adjustment mechanism to reduce its influence.

No such limitation exists for the S&P 500. Consequently, passive funds tracking the index must continuously purchase additional shares of Apple and Nvidia as prices appreciate, since these funds are designed to precisely replicate index composition.

A key distinction from the dot-com period is that both companies generate substantial actual profits rather than operating on speculative valuations. Apple produces consistent revenue from its hardware ecosystem and services division. Nvidia’s data center operations and AI chip sales translate directly into robust financial performance.

Nevertheless, each company confronts distinct challenges related to their primary operations. Nvidia’s trajectory depends on sustained capital expenditure in AI infrastructure. Apple faces headwinds from a global smartphone market that has experienced decelerating growth in recent years.

Market participants and financial analysts maintain close scrutiny of both companies as their representation in the benchmark index continues its upward climb.

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