This has never been seen before:

The top 10 stocks have accounted for 59% of the S&P 500’s gains since the October 2022 bottom.

By comparison, the next 10 stocks have contributed just 11% while the remaining 480 stocks have contributed 30%.

Over this period, the top 10 stocks' share of the S&P 500’s is up 13 percentage points, now reflecting a record 40% of the index.

The top 3 stocks alone reflect a record 21% of the index's market cap.

A few stocks are driving the entire market.