Semiconductor stocks now account for 18.8% of the S&P 500’s market capitalization, a record level. The share has more than tripled since 2022, while the semiconductor index (SOX) has surged 546% over the same period, far exceeding its weight during the 2000 dot‑com bubble. At the same time, the so‑called “Magnificent 7” tech stocks represent about 33% of the S&P 500’s value, also a record. The data underline the dominant role of technology in today’s markets.