Despite the S&P 500 remaining close to its record high, more than 60% of its components are now at least 20% below their respective peaks. Four of the seven largest technology companies have fallen by at least 15% from their highs, while their combined market capitalization has dropped by approximately $4 trillion. Technology and crypto-linked stocks have been hit particularly hard, with AppLovin down 68%, Coinbase down 62%, and CoreWeave down 60%. The widening losses are weakening the concentration that had supported the index, although Kobeissi Letter views the divergence as a potential opportunity rather than necessarily the start of a prolonged collapse.
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