This week’s chart looks at how technology’s growing influence has reshaped the U.S. equity landscape, with large-cap stocks capturing an outsized share of market performance. Today, the information technology sector represents about 35% of the S&P 500, compared to roughly 15% for small- and mid-cap stocks. This increased concentration has fueled strong returns for large caps, while small- and mid-cap stocks have lagged in recent years, in part due to their limited technology exposure. Instead, these indexes are more exposed to cyclical sectors such as industrials and financials, which tend to be more sensitive to slower economic growth and tighter monetary conditions.