The US stock market has once again hit a new high.Driven by AI and large technology stocks, the S&amp;P 500 index, together with the Nasdaq, set a new record high on Monday, with key players still being those tech giants.The S&amp;P 500 index has risen by 14% so far this year, with just 5 companies - Apple, Nvidia, Microsoft, Google, and Amazon - contributing 60% of the gains. Nvidia alone contributed 34% to the S&amp;P 500's recent surge.The market capitalization of these 5 giants now accounts for 25% of the S&amp;P 500 stock market value.One key reason for the outstanding performance of these 5 giants is that their first-quarter earnings per share (EPS) increased by 84% year-on-year, while other S&amp;P 500 index stocks only increased by 5%.Furthermore, the strong performance over the past four quarters has led Wall Street analysts to raise their EPS forecasts for these five tech stocks by 38% for 2024. In contrast, EPS forecasts for the other 495 stocks in the index have been lowered by 5%.Over the past two years, the performance gap between the S&amp;P 500 market-cap weighted index and the S&amp;P 500 equal-weighted index has widened, with the former surging ahead while the latter has remained almost stagnant.Market breadth has been extremely poor, with Morgan Stanley stating that the proportion of stocks outperforming the S&amp;P 500 in the past month has reached historically low levels.In the S&amp;P 500 market-cap weighted index, the six tech stocks with market capitalization exceeding $1 trillion rose by an average of about 11.5% in the second quarter, while the rest of the 490+ stocks in the index fell by an average of about 3% in the second quarter.How long will this &#34;Matthew effect&#34; in the US stock market last?Especially as what continues to drive tech giants to new highs is the high valuation given to them by investors, not just their performance. Will a bubble appear? This has also become something that investors need to consider next

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The US stock market has once again hit a new high, with the S&P 500 index rising by 14% since the beginning of this year. Just Apple, Nvidia, Microsoft, Google, and Amazon, these 5 tech giants alone contributed 60% of the increase

1. Core descriptive facts:
   - S&P 500 and Nasdaq hit record highs on Monday, driven by AI and large tech stocks.
   - Apple, Nvidia, Microsoft, Google, and Amazon contributed 60% of S&P 500's 14% gain this year.
   - These tech giants' market cap now represents 25% of the S&P 500.
   - The five companies' Q1 EPS grew by 84%, while the rest of the S&P 500 stocks only grew by 5%.
   - Analysts raised the EPS forecast for these tech stocks by 38% for 2024, while other stocks' forecasts were lowered by 5%.
   - The market cap-weighted S&P 500 outperformed the equal-weighted index significantly in the past two years.
2. Viewpoints and supporting logic:
   - Tech giants' exceptional performance is driven by their outstanding earnings growth and the resulting market dominance.
   - The market breadth is poor, with a historic low proportion of stocks outperforming the S&P 500.
   - The top six tech stocks with over $1 trillion market cap outperformed the rest of the index in Q2, indicating a concentration of gains.
   - Concerns arise about the sustainability of this trend, as it may be driven more by high valuations than actual performance, raising the risk of a potential bubble.
   - Investors need to consider whether the current market dynamics, heavily influenced by tech stocks, are sustainable in the long term.
Overall, the article highlights the dominance of tech giants in driving the market to new highs, the concentration of gains in a few key stocks, the divergence between tech and non-tech stock performance, and the potential risks associated with high valuations and market concentration.

60% of this year's stock market gains come from 5 stocks