Goldman Sachs Warns Tech Stock Monopoly Breaking as Equal-Weighted Index Breaks 7.3% Lead

According to Goldman Sachs and Apollo, the market concentration of hyperscale tech stocks shows signs of structural shift. The equal-weighted S&P 500 index outperformed its market-cap-weighted counterpart by over 7.3% for the first time since 2009, reflecting capital flows spreading beyond megacap names.

Goldman Sachs Chief Global Equity Strategist Peter Oppenheimer noted that massive AI-related capital expenditures are eroding the free cash flow advantage that once justified tech stocks' premium valuations, pushing the market into a "healthy normalization" phase. Analysts expect a more diversified, earnings-driven era ahead.