This week’s chart highlights the evolving concentration of market leadership across global equity regions, underscoring that technology dominance is no longer confined to the United States. What we’re seeing is that tech dominance is no longer a purely U.S. story, as emerging market allocations are shifting accordingly. In the U.S., the top 10 companies account for roughly 40% of total index weight, reflecting a high degree of concentration in a handful of mega-cap leaders. A similarly elevated level of concentration is evident in emerging markets, where the top 10 companies also represent about 40% of the index, led by semiconductor and technology-oriented firms including TSMC, Samsung, and SK Hynix. In contrast, both the Eurozone and Japan exhibit lower concentration levels, with their top constituents accounting for closer to 30% of index weight and reflecting a broader mix of industrial, financial, and consumer-oriented companies. This shift in global equity leadership suggests investors may need to reassess regional exposures, as growth leadership increasingly extends beyond traditional U.S. markets.