According to @KobeissiLetter, technology and tech-related stocks now account for a record 56% of the stock market, roughly 5 percentage points above the 2000 Dot-Com peak, indicating unprecedented sector concentration in benchmark indices (source: @KobeissiLetter). Defensive sectors are down to just 16% of market cap, the lowest reading on record and the first sustained period below 20%, showing that index composition is skewed away from defensives (source: @KobeissiLetter). Traditional cyclicals comprise 28% of total market cap, near historically low levels, meaning index performance is unusually dependent on tech leadership for returns and drawdown dynamics (source: @KobeissiLetter). For crypto-focused traders, the source lists no direct crypto linkage, but it confirms that current equity risk posture is overwhelmingly tech-led by weight, a context often monitored alongside broader risk sentiment for BTC and ETH (source: @KobeissiLetter).