According to @KobeissiLetter, just 10 technology stocks accounted for 59% of the US stock market’s rally since 2019, underscoring highly concentrated market breadth that ties index performance to a small leadership cohort, source: @KobeissiLetter. According to @KobeissiLetter, Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL), Broadcom (AVGO), Meta (META), Microsoft (MSFT), Netflix (NFLX), Nvidia (NVDA), Palantir (PLTR), and Tesla (TSLA) have collectively rallied about 295% since 2019, reinforcing the view that the market cannot move without tech, source: @KobeissiLetter. This concentration implies SPX and NDX returns are highly sensitive to earnings, guidance, and volatility from these 10 mega-cap tech names, consistent with the claim that leadership is driving the bulk of gains, source: @KobeissiLetter. For crypto traders, shifts in US tech-led risk appetite have historically coincided with changes in BTC and ETH correlations to US equities, with periods of positive BTC–Nasdaq correlation observed during 2020–2022 and intermittently in 2023, source: Kaiko Research.