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Tech stocks are losing share in the S&P 500:
The Technology sector's weight in the S&P 500 has declined -3 percentage points over the last year after peaking at ~35%.
At the same time, the combined weight of Energy and Materials has edged higher to ~6%, but remains near the lowest on record.
The gap between the two stands at ~26 percentage points, one of the widest in over 30 years of data.
During the Dot-Com Bubble, Tech peaked at ~35% before falling to ~15% in just 2 years.
This kicked off a long bull market in Energy and Materials, with their combined weight in the S&P 500 surging +13 percentage points to ~20% over 8 years.
Meanwhile, global demand for energy, copper, steel, and critical minerals continues to grow while supply chain disruptions and geopolitical risks intensify.
Are markets setting up to narrow this gap again?