The Wall Street Journal cite research from Strategas Securities data going back to 1990:
The FAANG era is apparently over.
- The U.S. market is dominated by just two stocks now. The combined weighting of Apple and Microsoft in the S&P 500 has risen to 13.3%, the highest level on record, while the influence of other big technology stocks has waned
Here is the Journal piece, gated if you can access it for more.
The all-in jump into AI by MSFT has triggered huge interest in the stock.