<p><strong>博通</strong>(AVGO -0.14%) 和 <strong>甲骨文</strong>(ORCL 1.98%) 是 2025 年表现最好的大型成长股之一。截至目前，博通自 9 月 4 日发布财报以来上涨了 19%，而甲骨文在 9 月 10 日因其出色的财报和指引飙升了 36%。</p>
<p>博通正接近达到 2 万亿美元的市值，而甲骨文则在 1 万亿美元的门槛上。然而，你不会在 “七大奇迹” 中找到这两只股票，该名单仅包括 <strong>英伟达</strong>(NVDA -0.05%)、<strong>微软</strong>(MSFT 0.85%)、<strong>苹果</strong>(AAPL 2.58%)、<strong>亚马逊</strong>(AMZN 0.84%)、<strong>谷歌</strong>(GOOG 0.65%)(GOOGL 0.64%)、<strong>Meta Platforms</strong>(META -0.90%) 和 <strong>特斯拉</strong>(TSLA 1.62%)。</p>
<p>“十位巨头” 纠正了这个错误，将博通、甲骨文和 <strong>奈飞</strong>(NFLX 1.36%) 加入了该组。现在这 10 只成长股合计占 <strong>标准普尔 500 指数</strong>(^GSPC 0.23%) 的 39.1%。</p>
<p>以下是十位巨头在短短几年内如何扰动股市，以及它们在标准普尔 500 指数中的主导地位如何仍然会影响你的投资组合，即使你并不直接持有这十位巨头的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMxMjAvYW4taW52ZXN0b3Itc2l0cy1hdC1hLWRlc2stYW5kLWxvb2tzLWF0LWEtY29tcHV0ZXItc2NyZWVuLWluLWEtc2hvY2tlZC1tYW5uZXIuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMxMjAvYW4taW52ZXN0b3Itc2l0cy1hdC1hLWRlc2stYW5kLWxvb2tzLWF0LWEtY29tcHV0ZXItc2NyZWVuLWluLWEtc2hvY2tlZC1tYW5uZXIuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>在不到三年的时间里，变化巨大</h2>
<p>自 2023 年初以来，标准普尔 500 指数上涨了惊人的 70%，其中一个重要原因是人工智能（AI）。具体来说，几家主要公司通过半导体及相关的网络硬件、软件基础设施、云计算、自动化和效率提升从 AI 中获利。</p>
<p>十位巨头体现了这一主题。该集团的市值现在是中国整个股市的两倍，并在近年来主要推动了标准普尔 500 指数的走势。</p>
<p>截至 2022 年底，十位巨头占标准普尔 500 指数的 23.3%。但自那时以来，许多巨头的价值已经翻了几番，其中英伟达和博通领跑。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/10aeed9aa8894312029601b3e80a2574.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/10aeed9aa8894312029601b3e80a2574.png"/></p>
<p>数据来源：YCharts。</p>
<p>十位巨头的规模和快速增长重新定义了标准普尔 500 指数的结构。以下是截至目前每家公司在标准普尔 500 指数中的权重。</p>
<table>
<thead>
<tr>
<th>公司</th>
<th>标准普尔 500 权重（2025 年 9 月 16 日）</th>
</tr>
</thead>
<tbody>
<tr>
<td>英伟达</td>
<td>6.98%</td>
</tr>
<tr>
<td>微软</td>
<td>6.35%</td>
</tr>
<tr>
<td>苹果</td>
<td>5.99%</td>
</tr>
<tr>
<td>谷歌</td>
<td>5.08%</td>
</tr>
<tr>
<td>亚马逊</td>
<td>4.13%</td>
</tr>
<tr>
<td>Meta Platforms</td>
<td>3.26%</td>
</tr>
<tr>
<td>博通</td>
<td>2.78%</td>
</tr>
<tr>
<td>特斯拉</td>
<td>2.25%</td>
</tr>
<tr>
<td>甲骨文</td>
<td>1.43%</td>
</tr>
<tr>
<td>奈飞</td>
<td>0.87%</td>
</tr>
<tr>
<td>总计</td>
<td>39.12%</td>
</tr>
</tbody>
</table>
<p>数据来源：Slickcharts。</p>
<p>甲骨文在 9 月 10 日的飙升使其短暂跃升为市值第十大的公司。当时，标准普尔 500 指数中最大的九家公司都是科技公司，这与过去美国最有价值的公司来自石油和天然气、消费品、金融和工业等行业的情况大相径庭。</p>
<h2>十位巨头的影响力正在增长</h2>
<p>即使你并不持有任何十位巨头的股票，它们的崛起仍可能对你的财务投资组合产生连锁反应。</p>
<p>最大的影响将是如果你持有与这些股票相关的指数基金或交易所交易基金（ETF）。跟随成长主题或整体市场的市值加权被动基金可能在十位巨头中占有相当大的头寸。而与指数相似的标准普尔 500 基金，如 <strong>先锋标准普尔 500 ETF</strong>、<strong>SPDR 标准普尔 500 ETF</strong>、<strong>iShares Core 标准普尔 500 ETF</strong>，其持仓中大约有 39% 是十位巨头的股票。</p>
<p>十位巨头的庞大规模意味着标准普尔 500 指数不再是一个平衡的指数，至少在目前是这样。相反，它更像是一个成长指数，类似于 <strong>纳斯达克综合指数</strong> 通常被视为的那样。</p>
<p>标准普尔 500 指数可能包含数百只股票，但其表现现在主要依赖于几十家公司。寻找中型股甚至大型股的投资者应该考虑在指数之外寻找机会，因为标准普尔 500 指数对非大型股的曝光有限。</p>
<h2>在十位巨头主导的市场中导航</h2>
<p>十位巨头的崛起使其股东、标准普尔 500 指数基金投资者以及通过 ETF 接触这些股票的投资者受益。然而，由于它们的规模庞大，未来可能会使标准普尔 500 指数更加波动。</p>
<p>投资者可以通过投资于不再占标准普尔 500 指数大比例的价值股和分红股来抵消十位巨头的集中风险。另一方面，如果你在寻找一种低成本且简单的方式来接触顶级成长股，标准普尔 500 指数可能是最简单的方式之一。</p>

甲骨文

博通

<p>博通和甲骨文已成为表现突出的巨型成长股，构成了现在占标准普尔 500 指数 39.1% 的 “十巨头”。自 2023 年初以来，标准普尔 500 指数上涨了 70%，这主要得益于人工智能的进步。包括英伟达、微软等在内的十巨头重新定义了该指数的结构，使其更加注重成长。这些公司的主导地位可能会影响投资组合，特别是对于持有指数基金或 ETF 的投资者，因为标准普尔 500 指数的表现越来越依赖于少数几家大型公司</p>

<p><strong>Broadcom</strong>(AVGO -0.14%) and <strong>Oracle</strong>(ORCL 1.98%) have been two of the best-performing mega-cap growth stocks in 2025. As of this writing, Broadcom is up 19% since reporting earnings on Sept. 4, and Oracle soared 36% on Sept. 10 in response to its own blowout earnings and guidance.</p>
<div class="lb-trans"><p><strong>博通</strong>(AVGO -0.14%) 和 <strong>甲骨文</strong>(ORCL 1.98%) 是 2025 年表现最好的大型成长股之一。截至目前，博通自 9 月 4 日发布财报以来上涨了 19%，而甲骨文在 9 月 10 日因其出色的财报和指引飙升了 36%。</p>
</div><p>Broadcom is getting closer to reaching a $2 trillion in market cap, and Oracle is knocking on the door of $1 trillion. Yet, you won't find either of these stocks in the &#34;Magnificent Seven,&#34; which only includes <strong>Nvidia</strong>(NVDA -0.05%), <strong>Microsoft</strong>(MSFT 0.85%), <strong>Apple</strong>(AAPL 2.58%), <strong>Amazon</strong>(AMZN 0.84%), <strong>Alphabet</strong>(GOOG 0.65%)(GOOGL 0.64%), <strong>Meta Platforms</strong>(META -0.90%), and <strong>Tesla</strong>(TSLA 1.62%).</p>
<div class="lb-trans"><p>博通正接近达到 2 万亿美元的市值，而甲骨文则在 1 万亿美元的门槛上。然而，你不会在 “七大奇迹” 中找到这两只股票，该名单仅包括 <strong>英伟达</strong>(NVDA -0.05%)、<strong>微软</strong>(MSFT 0.85%)、<strong>苹果</strong>(AAPL 2.58%)、<strong>亚马逊</strong>(AMZN 0.84%)、<strong>谷歌</strong>(GOOG 0.65%)(GOOGL 0.64%)、<strong>Meta Platforms</strong>(META -0.90%) 和 <strong>特斯拉</strong>(TSLA 1.62%)。</p>
</div><p>The &#34;Ten Titans&#34; corrects that error by adding Broadcom, Oracle, and <strong>Netflix</strong>(NFLX 1.36%) to the group. Combined, these 10 growth stocks now make up 39.1% of the <strong>S&amp;P 500</strong>(^GSPC 0.23%).</p>
<div class="lb-trans"><p>“十位巨头” 纠正了这个错误，将博通、甲骨文和 <strong>奈飞</strong>(NFLX 1.36%) 加入了该组。现在这 10 只成长股合计占 <strong>标准普尔 500 指数</strong>(^GSPC 0.23%) 的 39.1%。</p>
</div><p>Here's how the Ten Titans have disrupted the stock market in just a few years and why their dominance in the S&amp;P 500 can still impact your investment portfolio, even if you don't own any of the Ten Titans outright.</p>
<div class="lb-trans"><p>以下是十位巨头在短短几年内如何扰动股市，以及它们在标准普尔 500 指数中的主导地位如何仍然会影响你的投资组合，即使你并不直接持有这十位巨头的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMxMjAvYW4taW52ZXN0b3Itc2l0cy1hdC1hLWRlc2stYW5kLWxvb2tzLWF0LWEtY29tcHV0ZXItc2NyZWVuLWluLWEtc2hvY2tlZC1tYW5uZXIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833120%2Fan-investor-sits-at-a-desk-and-looks-at-a-computer-screen-in-a-shocked-manner.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>A lot has changed in less than three years</h2>
<div class="lb-trans"><h2>在不到三年的时间里，变化巨大</h2>
</div><p>The S&amp;P 500 is up a staggering 70% since the start of 2023, and a big reason for that is artificial intelligence (AI). Specifically, a few major companies are profiting from AI through semiconductors and associated networking hardware, software infrastructure, cloud computing, automation, and efficiency improvements.</p>
<div class="lb-trans"><p>自 2023 年初以来，标准普尔 500 指数上涨了惊人的 70%，其中一个重要原因是人工智能（AI）。具体来说，几家主要公司通过半导体及相关的网络硬件、软件基础设施、云计算、自动化和效率提升从 AI 中获利。</p>
</div><p>The Ten Titans encapsulate this theme. The group is now double the market cap of China's entire stock market and is largely responsible for moving the S&amp;P 500 in recent years.</p>
<div class="lb-trans"><p>十位巨头体现了这一主题。该集团的市值现在是中国整个股市的两倍，并在近年来主要推动了标准普尔 500 指数的走势。</p>
</div><p>At the end of 2022, the Ten Titans made up 23.3% of the S&amp;P 500. But since then, many of the Titans have increased in value several-fold, with Nvidia and Broadcom leading the pack.</p>
<div class="lb-trans"><p>截至 2022 年底，十位巨头占标准普尔 500 指数的 23.3%。但自那时以来，许多巨头的价值已经翻了几番，其中英伟达和博通领跑。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/10aeed9aa8894312029601b3e80a2574.png" alt="" original-src="https://media.ycharts.com/charts/10aeed9aa8894312029601b3e80a2574.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>The Ten Titans' combination of size and rapid gains has redefined the structure of the S&amp;P 500. Here's a look at each company's weight in the S&amp;P 500 as of this writing.</p>
<div class="lb-trans"><p>十位巨头的规模和快速增长重新定义了标准普尔 500 指数的结构。以下是截至目前每家公司在标准普尔 500 指数中的权重。</p>
</div><table>
<thead>
<tr>
<th>Company</th>
<th>S&amp;P 500 Weight (Sept. 16, 2025)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nvidia</td>
<td>6.98%</td>
</tr>
<tr>
<td>Microsoft</td>
<td>6.35%</td>
</tr>
<tr>
<td>Apple</td>
<td>5.99%</td>
</tr>
<tr>
<td>Alphabet</td>
<td>5.08%</td>
</tr>
<tr>
<td>Amazon</td>
<td>4.13%</td>
</tr>
<tr>
<td>Meta Platforms</td>
<td>3.26%</td>
</tr>
<tr>
<td>Broadcom</td>
<td>2.78%</td>
</tr>
<tr>
<td>Tesla</td>
<td>2.25%</td>
</tr>
<tr>
<td>Oracle</td>
<td>1.43%</td>
</tr>
<tr>
<td>Netflix</td>
<td>0.87%</td>
</tr>
<tr>
<td>Total</td>
<td>39.12%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>公司</th>
<th>标准普尔 500 权重（2025 年 9 月 16 日）</th>
</tr>
</thead>
<tbody>
<tr>
<td>英伟达</td>
<td>6.98%</td>
</tr>
<tr>
<td>微软</td>
<td>6.35%</td>
</tr>
<tr>
<td>苹果</td>
<td>5.99%</td>
</tr>
<tr>
<td>谷歌</td>
<td>5.08%</td>
</tr>
<tr>
<td>亚马逊</td>
<td>4.13%</td>
</tr>
<tr>
<td>Meta Platforms</td>
<td>3.26%</td>
</tr>
<tr>
<td>博通</td>
<td>2.78%</td>
</tr>
<tr>
<td>特斯拉</td>
<td>2.25%</td>
</tr>
<tr>
<td>甲骨文</td>
<td>1.43%</td>
</tr>
<tr>
<td>奈飞</td>
<td>0.87%</td>
</tr>
<tr>
<td>总计</td>
<td>39.12%</td>
</tr>
</tbody>
</table>
</div><p>Data source: Slickcharts.</p>
<div class="lb-trans"><p>数据来源：Slickcharts。</p>
</div><p>Oracle's surge on Sept. 10 briefly pole-vaulted it to become the tenth-largest company by market cap. At that time, the nine largest names in the S&amp;P 500 were all tech companies -- a far cry from the days when the most valuable U.S. companies were from the oil and gas, consumer staples, financials, and industrial sectors.</p>
<div class="lb-trans"><p>甲骨文在 9 月 10 日的飙升使其短暂跃升为市值第十大的公司。当时，标准普尔 500 指数中最大的九家公司都是科技公司，这与过去美国最有价值的公司来自石油和天然气、消费品、金融和工业等行业的情况大相径庭。</p>
</div><h2>The Ten Titans' influence is growing</h2>
<div class="lb-trans"><h2>十位巨头的影响力正在增长</h2>
</div><p>Even if you don't own any of the Ten Titans stocks, their rise may still have ripple effects for your financial portfolio.</p>
<div class="lb-trans"><p>即使你并不持有任何十位巨头的股票，它们的崛起仍可能对你的财务投资组合产生连锁反应。</p>
</div><p>The biggest impact would be if you own index funds or exchange-traded funds (ETFs) with exposure to these holdings. Market-cap weighted passive funds that follow a growth theme or the general market will likely have sizable positions in the Ten Titans. And S&amp;P 500 funds that mirror the index, like the <strong>Vanguard S&amp;P 500 ETF</strong>, <strong>SPDR S&amp;P 500 ETF</strong>, the <strong>iShares Core S&amp;P 500 ETF</strong> will all have around 39% of their holdings in the Titans.</p>
<div class="lb-trans"><p>最大的影响将是如果你持有与这些股票相关的指数基金或交易所交易基金（ETF）。跟随成长主题或整体市场的市值加权被动基金可能在十位巨头中占有相当大的头寸。而与指数相似的标准普尔 500 基金，如 <strong>先锋标准普尔 500 ETF</strong>、<strong>SPDR 标准普尔 500 ETF</strong>、<strong>iShares Core 标准普尔 500 ETF</strong>，其持仓中大约有 39% 是十位巨头的股票。</p>
</div><p>The sheer size of the Ten Titans means that the S&amp;P 500 is no longer a balanced index, at least for now. Rather, it's more of a growth index, similar to how the <strong>Nasdaq Composite</strong> is typically viewed.</p>
<div class="lb-trans"><p>十位巨头的庞大规模意味着标准普尔 500 指数不再是一个平衡的指数，至少在目前是这样。相反，它更像是一个成长指数，类似于 <strong>纳斯达克综合指数</strong> 通常被视为的那样。</p>
</div><p>The S&amp;P 500 may contain hundreds of holdings, but its performance is now based on just a couple dozen companies. Investors looking for mid-cap or even large-cap stocks should venture outside the index because the S&amp;P 500 offers little exposure to non-mega-cap names.</p>
<div class="lb-trans"><p>标准普尔 500 指数可能包含数百只股票，但其表现现在主要依赖于几十家公司。寻找中型股甚至大型股的投资者应该考虑在指数之外寻找机会，因为标准普尔 500 指数对非大型股的曝光有限。</p>
</div><h2>Navigating a Ten Titans-dominated market</h2>
<div class="lb-trans"><h2>在十位巨头主导的市场中导航</h2>
</div><p>The rise of the Ten Titans has benefited their shareholders, S&amp;P 500 index fund investors, and folks with exposure to these stocks through ETFs. However, because they are so big, they will likely make the S&amp;P 500 more volatile going forward.</p>
<div class="lb-trans"><p>十位巨头的崛起使其股东、标准普尔 500 指数基金投资者以及通过 ETF 接触这些股票的投资者受益。然而，由于它们的规模庞大，未来可能会使标准普尔 500 指数更加波动。</p>
</div><p>Investors can offset the Ten Titans concentration by investing in value and dividend stocks that no longer make up a large percentage of the S&amp;P 500. On the other hand, if you're looking for a low-cost and straightforward way to get exposure to top growth stocks, the S&amp;P 500 may be one of the simplest ways to do so.</p>
<div class="lb-trans"><p>投资者可以通过投资于不再占标准普尔 500 指数大比例的价值股和分红股来抵消十位巨头的集中风险。另一方面，如果你在寻找一种低成本且简单的方式来接触顶级成长股，标准普尔 500 指数可能是最简单的方式之一。</p>
</div>

博通和甲骨文刚刚将 “十大巨头” 推升至标普 500 指数的 39%。这对您的投资组合有什么影响