According to @KobeissiLetter citing BofA research, innovation stocks now comprise a record 49% of S&P 500 market cap, more than tripling since the 1980s, source: BofA research via @KobeissiLetter. The same BofA dataset shows manufacturing’s share fell from 66% in the 1980s to 17% today, a decline of 49 percentage points, source: BofA research via @KobeissiLetter. BofA further notes financials and real estate together rose by 12 percentage points to 17%, while consumer-related stocks increased by 2 percentage points to 17%, source: BofA research via @KobeissiLetter. This concentration indicates tech companies have reshaped the US equity landscape and heightens index sensitivity to tech and AI earnings and interest rates for trading, source: BofA research via @KobeissiLetter. For crypto markets, the tech-led composition highlighted by @KobeissiLetter makes US tech equity momentum a primary risk proxy to watch for BTC and ETH during macro catalysts, source: BofA research via @KobeissiLetter.