According to The Kobeissi Letter, the top 10% of US stocks now account for a record 76% of total market cap, concentrating index performance in mega-caps that can keep pushing the S&P 500 to new highs (source: The Kobeissi Letter on X, Dec 8, 2025). According to The Kobeissi Letter, large companies do not need rate cuts to sustain momentum, while consumer-focused cuts are coming and could further support equity indices (source: The Kobeissi Letter on X, Dec 8, 2025). According to The Kobeissi Letter, this concentration and policy backdrop underpin their forecast that the S&P 500 could reach 7000+ as leadership remains with mega-cap names (source: The Kobeissi Letter on X, Dec 8, 2025). For crypto traders, risk-on equity regimes have historically coincided with higher beta in BTC and ETH, making equity breadth and rates pricing key signals to monitor (source: IMF, "Crypto Prices Move More in Sync With Stocks," Jan 2022; The Kobeissi Letter on X, Dec 8, 2025).