Tech stocks ARE the stock market: Technology stocks no reflect a record 46% of the S&P 500. This percentage has DOUBLED over the last 8 years. To put this into perspective, this percentage was ~33% at the 2000 Dot-Com Bubble peak. The top 5 stocks alone now reflect a record 27.1% of the S&P 500’s market cap. These names also make up for 51.5% of the Nasdaq 100’s market value. The market cannot survive without big tech.