According to The Kobeissi Letter, US technology stocks now represent a record 38% of total US equity market capitalization, a share that has doubled since 2020, highlighting unprecedented sector concentration for this cycle, source: The Kobeissi Letter on X, Oct 17, 2025: https://x.com/KobeissiLetter/status/1979196802021658884. For context, the tech sector’s share peaked near ~33% during the 2000 Dot-Com Bubble, which means today’s concentration exceeds that prior extreme, source: The Kobeissi Letter on X, Oct 17, 2025: https://x.com/KobeissiLetter/status/1979196802021658884. Outside the US, global tech stocks ex-US make up ~12% of the global market ex-US and remain below their 2021 and 2000 highs, indicating US-led tech leadership, source: The Kobeissi Letter on X, Oct 17, 2025: https://x.com/KobeissiLetter/status/1979196802021658884. For trading, this elevated US tech dominance is a macro concentration gauge that desks can monitor when assessing equity-led risk moves that may influence broader risk assets, including BTC and ETH, source: The Kobeissi Letter on X, Oct 17, 2025: https://x.com/KobeissiLetter/status/1979196802021658884.