> High concentrations of the stock market has been around since forever
That's useful and interesting, but the importance of the topic today lays in rate of growth, rather than the % market cap against the greater stock market.
Removing FAANG drops the rate of growth to roughly half. This indicates that tech companies are pulling up the average rate well above the historical average. The fact that many of them also possess very large market caps underlines the point that these businesses are unfathomably large in comparison to other business sectors.
It's also worth noting that the historical averages includes the effects of AT&T, GM, IBM, et. al.
That's useful and interesting, but the importance of the topic today lays in rate of growth, rather than the % market cap against the greater stock market.
Removing FAANG drops the rate of growth to roughly half. This indicates that tech companies are pulling up the average rate well above the historical average. The fact that many of them also possess very large market caps underlines the point that these businesses are unfathomably large in comparison to other business sectors.
It's also worth noting that the historical averages includes the effects of AT&T, GM, IBM, et. al.