, Columnist
Why Nasdaq Had to Kneecap the Big Six
Cutting the megacaps down to size will enable tech’s best-known benchmark to offer better diversification and regain its balance.
Getting back its balance.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
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Megacap tech shares have powered six fantastic months for the stock market. Their sudden resurgence after a terrible 2022, fueled in large part by the frenzy over artificial intelligence, has been the unexpected theme of the year. So much so that the advance in the S&P 500, according to Bloomberg Intelligence, has been more concentrated among its largest stocks than in any six-month time frame since the turn of the millennium.