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Tech x VCGlobalTechnology, AI, semiconductors, and venture capital for builders and investorsShowing 5 of 5
Technology, AI, semiconductors, and venture capital — curated for builders and investors.
Tech x VCGlobalShowing 5 of 5
> Apollo: "The 10 biggest companies in the S&P 500 make up almost 40% of the index, and if Anthropic, OpenAI and SpaceX are added later this year, the concentration could approach 50%, see chart. The bottom line is that the S&P 500 basically doesn’t offer much diversification anymore."
*Goldman: The weight of "AI exposed companies" has risen to 45% from 25% when ChatGPT was launched*- [Neil Sethi](https://x.com/neilksethi/status/2026371555803148459/photo/1)
Apollo: "The 10 biggest companies in the S&P 500 make up almost 40% of the index, and if Anthropic, OpenAI and SpaceX are added later this year, the concentration could approach 50%, see chart. The bottom line is that the S&P 500 basically doesn’t offer much diversification anymore."
Goldman: The weight of "AI exposed companies" has risen to 45% from 25% when ChatGPT was launched- Neil Sethi
The chart below shows consensus expectations for earnings for the Magnificent Seven and the S&P 493 since Liberation Day.
Earnings expectations for the Magnificent Seven have increased significantly. But expectations for earnings for the S&P 493 are basically unchanged.
**The bottom line is that the consensus does not expect AI to improve profitability for corporate America outside the tech…
Source: Haydn Belfield
Combined 2026 CapEx for the Big 4 (Alphabet, Amazon, Microsoft, Meta) is projected to be $590 billion.
Equivalent to ~65-70% of the US military budget ($850–$900bn)
2. ~1.9% of US GDP Rivals peak spending of the Interstate Highway System (~1.8% GDP in the late 1950s)
Zerohedge: Once MSFT goes FCF < 0, the off-balance sheet tsunami will make Enron look like amateur hour | Source : Peter Berezin BCA
