Apple and Nvidia Now Carry Record Combined Weight in the S&P 500

Apple and Nvidia have become the two central forces steering the direction of the U.S. stock market.

Peter Mallouk, president of financial planning firm Creative Planning, pointed out that the S&P 500's current level of weight concentration in just two individual stocks is unprecedented in history.

Together, Nvidia and Apple account for more than 15% of the index's weighting.

That share has already surpassed the 9.1% combined weight held by Microsoft and General Electric on the eve of the dot-com bubble's collapse.

The relentless climb in Apple and Nvidia share prices also explains why their influence within the S&P 500 has continued to rise.

On Tuesday, Apple shares touched $345, setting a record high for the iPhone maker.

Dragged down by a broader market pullback, the stock has now slipped slightly from that peak.

Earlier this month, Apple unveiled the iPhone 18 along with its first foldable phone, the Duo, and the stock has been on a strong run since then, gaining 25% so far this year.

In late August, Nvidia said its business growth rate for the next fiscal year could reach at least 70%.

Chief Executive Jensen Huang said that without supply bottlenecks, the company's growth would exceed 100%.

The chip giant's shares have risen 21% so far this year.