All tech is not created equally

Tech hit a record high. But how many of the tech companies and stocks are actually supporting this? 

$XLK reached a new all-time high on Friday, yet just 2.7% of stocks in the sector made new 52-week highs. That’s a striking gap between the sector’s headline performance and participation beneath the surface. And it is scary that such a small percentage of stocks have that much influence. 

Furthermore, tech concentration has surpassed Dot-Com-era levels. The technology sector now represents 38.4% of the S&P 500—well above its peak during the Dot-Com boom. With nearly $4 of every $10 invested in the S&P 500 allocated to technology, concentration risk remains significant.

Source: Bespoke