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S&P 500 tech shares reach 50%, index weakens as economic proxy

1 reports1 sources10/23/2026 updated

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DataTrek co-founder Nick Colas told CNBC that technology and large-cap tech stocks now comprise approximately 50% of the S&P 500, making the index a weaker proxy for the broader economy than ever before. The correlation between tech weighting and 10-year Treasury yields has broken down since mid-September, as yields have risen despite falling oil prices. Colas attributes this to reduced AI funding expectations, which are alleviating real interest rates. Meanwhile, 10-year Treasury yields have fallen below 5%.

Written with AI from the reporting · updated 10/23/2026

Latest developmentOct 23, 11:20
Nick Colas says tech accounts for 50% of S&P 500, weakening its economic proxy status
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  1. 1Unclassified fact stationOct 23, 00:00recorded Oct 23, 11:41single source

    S&P 500 tech share reaches 50% as AI funding expectations ea

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    Evidence & revisions · 1 source records
    Subject：
    Nick Colas
    Action：
    spoke on CNBC about S&P 500 concentration and AI impact on yields
    Object：
    S&P 500 index and Treasury yields
    Occurred (fact side)：
    Oct 23, 00:00
    BeInCrypto ↗Report pageOriginal / first version
    Published (valid side)：
    Oct 23, 11:20
    First seen (known side)：
    Oct 23, 11:41
    Fact stationSingle source · one-sided claim

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Oct 23
  1. BeInCryptoRelated fact: single source
    Nick Colas says tech accounts for 50% of S&P 500, weakening its economic proxy status

    Report first recorded Oct 23, 11:41

    DataTrek co-founder Nick Colas stated that tech and big tech now account for about 50% of the S&P 500, making the index a weaker proxy for the economy than ever before. Colas credited Moore’s law for this shift, noting tech's share now exceeds oil's 28% in 1980 and 30-32% in 2000. He advises clients to consider the equal-weight S&P 500, which holds about 16% tech, and noted the K-shaped economy persists, though withdrawn IPOs might thin the wealthy ranks.

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