A look at S&P 500 has the Tech sector near its tech bubble peaks, and well above that previous peak level if we reclassify some tech-centric businesses back to the Tech sector.
While Tech has been the story in 2020, we should not forget that the tech sector of the S&P 500 delivered a whopping 49.9% return in 2019.
The peak weight of the Tech sector was nearly 35% in early 2000 as the tech bubble was fully inflated.
Exclude the Tech sector, and the S&P 500 would be down 3-4% on the year.
Reclassifying four stocks - Alphabet, Amazon, Facebook, and Netflix - into the tech sector would put the sector above its highest ever proportion of the capitalization-weighted benchmark.