--- title: "Nvidia, Apple, Microsoft Now Drive 21% of S&P 500: Here’s How Much ETF Investors Own" type: "News" locale: "en" url: "https://longbridge.com/en/news/301063368.md" description: "Nvidia, Apple, and Microsoft now account for over 21% of the S&P 500, a historic high. This concentration significantly impacts market-cap weighted ETFs like SPY, VOO, and QQQ, where these three tech giants represent roughly 20-21% of holdings. In contrast, equal-weight ETFs like RSP offer lower exposure to this mega-cap dominance." datetime: "2026-10-06T17:34:23.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/301063368.md) - [en](https://longbridge.com/en/news/301063368.md) - [zh-HK](https://longbridge.com/zh-HK/news/301063368.md) generator: "portal-rs" --- # Nvidia, Apple, Microsoft Now Drive 21% of S&P 500: Here’s How Much ETF Investors Own The U.S. stock market is becoming increasingly dependent on three mega-cap technology companies — **Nvidia Corp.** (NASDAQ:NVDA), **Apple Inc.** (NASDAQ:AAPL) and **Microsoft Corp.** (NASDAQ:MSFT). The trio now accounts for **more than 21% of the S&P 500**, according to **Creative Planning** data cited by Yahoo Finance, marking the highest concentration in just three stocks in the benchmark’s history. By comparison, **IBM** (NYSE:IBM), **AT&T Inc** (NYSE:T) and **ExxonMobil Holdings Corp (NYSE:XOM)** together represented 13.4% of the S&P 500 at their peak in the mid-1980s. That concentration matters for ETF investors because the largest S&P 500 funds are market-cap weighted, meaning the biggest companies receive the largest allocations. **See More: Top Momentum Stocks** ### SPY, VOO Investors Have Significant Mega-Cap Exposure The **SPDR S&P 500 ETF Trust (NYSE:SPY)** has Nvidia at 8.63%, Apple at 7.25% and Microsoft at 5.82%. Together, the three accounted for roughly **21.7% of SPY**. The **Vanguard S&P 500 ETF (NYSE:VOO)** showed a similar concentration, with Nvidia at 8.08%, Apple at 7.03% and Microsoft at 5.69%. That puts the combined exposure at about 20.8%. This means investors buying broad-market ETFs are getting substantial exposure to the performance of just three companies, even though the funds hold hundreds of stocks. ### QQQ Takes the Concentration A Step Further The concentration is even more pronounced in the **Invesco QQQ Trust (NASDAQ:QQQ)**, which tracks the **Nasdaq-100**. Nvidia represents 8.53% of QQQ, Apple 7.2% and Microsoft 5.78%. Combined, the three accounted for roughly **21.5% of the ETF**. The distinction is important: while QQQ offers exposure to 100 companies, its portfolio remains heavily tilted toward the largest technology and growth names. For investors looking to reduce this mega-cap concentration, the **Invesco S&P 500 Equal Weight ETF (NYSE:RSP)** takes a different approach, assigning roughly equal weights across S&P 500 constituents rather than allowing the largest companies to dominate the portfolio. RSP had 508 holdings. With Nvidia, Apple and Microsoft driving a record share of the S&P 500, the growing question for ETF investors is no longer simply whether they own the broader market — but how much of that market is effectively riding on three stocks. **Read Also: US Economy Kept Growing For 78 Months: These 10 Stocks Top The Leaderboard** *Photo: Kapustin Igor / Shutterstock* ### Related Stocks - [MSFT.US](https://longbridge.com/en/quote/MSFT.US.md) - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [AAPB.US](https://longbridge.com/en/quote/AAPB.US.md) - [AAPD.US](https://longbridge.com/en/quote/AAPD.US.md) - [AAPE.US](https://longbridge.com/en/quote/AAPE.US.md) - [AAPU.US](https://longbridge.com/en/quote/AAPU.US.md) - [AAPW.US](https://longbridge.com/en/quote/AAPW.US.md) - [AAPX.US](https://longbridge.com/en/quote/AAPX.US.md) - [AAPY.US](https://longbridge.com/en/quote/AAPY.US.md) - [ANV.US](https://longbridge.com/en/quote/ANV.US.md) - [APLY.US](https://longbridge.com/en/quote/APLY.US.md) - [DIPS.US](https://longbridge.com/en/quote/DIPS.US.md) - [IOSX.US](https://longbridge.com/en/quote/IOSX.US.md) - [IVV.US](https://longbridge.com/en/quote/IVV.US.md) - [MSFC.US](https://longbridge.com/en/quote/MSFC.US.md) - [MSFD.US](https://longbridge.com/en/quote/MSFD.US.md) - [MSFL.US](https://longbridge.com/en/quote/MSFL.US.md) - [MSFO.US](https://longbridge.com/en/quote/MSFO.US.md) - [MSFU.US](https://longbridge.com/en/quote/MSFU.US.md) - [MSFW.US](https://longbridge.com/en/quote/MSFW.US.md) - [MSFX.US](https://longbridge.com/en/quote/MSFX.US.md) - [MSFY.US](https://longbridge.com/en/quote/MSFY.US.md) - [NVC.US](https://longbridge.com/en/quote/NVC.US.md) - [NVD.US](https://longbridge.com/en/quote/NVD.US.md) - [NVDB.US](https://longbridge.com/en/quote/NVDB.US.md) - [NVDD.US](https://longbridge.com/en/quote/NVDD.US.md) - [NVDG.US](https://longbridge.com/en/quote/NVDG.US.md) - [NVDL.US](https://longbridge.com/en/quote/NVDL.US.md) - [NVDO.US](https://longbridge.com/en/quote/NVDO.US.md) - [NVDQ.US](https://longbridge.com/en/quote/NVDQ.US.md) - [NVDS.US](https://longbridge.com/en/quote/NVDS.US.md) - [NVDU.US](https://longbridge.com/en/quote/NVDU.US.md) - [NVDW.US](https://longbridge.com/en/quote/NVDW.US.md) - [NVDX.US](https://longbridge.com/en/quote/NVDX.US.md) - [NVDY.US](https://longbridge.com/en/quote/NVDY.US.md) - [NVIB.US](https://longbridge.com/en/quote/NVIB.US.md) - [NVII.US](https://longbridge.com/en/quote/NVII.US.md) - [NVIT.US](https://longbridge.com/en/quote/NVIT.US.md) - [NVW.US](https://longbridge.com/en/quote/NVW.US.md) - [NVYY.US](https://longbridge.com/en/quote/NVYY.US.md) - [NYYY.US](https://longbridge.com/en/quote/NYYY.US.md) - [QQQ.US](https://longbridge.com/en/quote/QQQ.US.md) - [RSP.US](https://longbridge.com/en/quote/RSP.US.md) - [SDS.US](https://longbridge.com/en/quote/SDS.US.md) - [SH.US](https://longbridge.com/en/quote/SH.US.md) - [SPDN.US](https://longbridge.com/en/quote/SPDN.US.md) - [SPLG.US](https://longbridge.com/en/quote/SPLG.US.md) - [SPUU.US](https://longbridge.com/en/quote/SPUU.US.md) - [SPXL.US](https://longbridge.com/en/quote/SPXL.US.md) - [SPXS.US](https://longbridge.com/en/quote/SPXS.US.md) - [SPXU.US](https://longbridge.com/en/quote/SPXU.US.md) - [SPY.US](https://longbridge.com/en/quote/SPY.US.md) - [SSO.US](https://longbridge.com/en/quote/SSO.US.md) - [UPRO.US](https://longbridge.com/en/quote/UPRO.US.md) - [VOO.US](https://longbridge.com/en/quote/VOO.US.md) - [.SPX.US](https://longbridge.com/en/quote/.SPX.US.md) - [07388.HK](https://longbridge.com/en/quote/07388.HK.md) - [07788.HK](https://longbridge.com/en/quote/07788.HK.md) - [09388.HK](https://longbridge.com/en/quote/09388.HK.md) - [AAPL.US](https://longbridge.com/en/quote/AAPL.US.md) - [IBM.US](https://longbridge.com/en/quote/IBM.US.md) - [T.US](https://longbridge.com/en/quote/T.US.md) - [XOM.US](https://longbridge.com/en/quote/XOM.US.md) ## Related News & Research - [Microsoft to sell $2,599 Surface Laptop Ultra containing Nvidia AI chip](https://longbridge.com/en/news/301176162.md) - [Nvidia Stock (NVDA) Hits All-Time High Days After Announcing Record Buyback](https://longbridge.com/en/news/300810194.md) - [Microsoft Corporation $MSFT Holdings Decreased by Orca Investment Management LLC](https://longbridge.com/en/news/300908699.md) - [Microsoft plays the Windows card in the AI game, with help from Nvidia](https://longbridge.com/en/news/301181889.md) - [Microsoft, Nvidia CEOs to unveil new AI laptop at San Francisco event](https://longbridge.com/en/news/301127121.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**