Unexpectedly Intriguing!
August 6, 2020

Eight firms have consistently ranked in the Top 10 by market capitalization within the S&P 500 (Index: SPX) during 2020, growing from representing one-fifth of the index' total market cap to nearly one quarter during the first seven months of 2020.

The eight firms are Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT), Amazon (NASDAQ: AMZN), Facebook (NASDAQ: FB), Berkshire Hathaway (NYSE: BRK.B), Alphabet (Class A) (NASDAQ: GOOGL), Alphabet (Class C) (NASDAQ: GOOG), and Johnson & Johnson (NYSE: JNJ).

We've developed an interactive chart to show how they've grown at roughly three month intervals, spanning from early January 2020 through the end of July 2020.

At these snapshots, the overall market capitalization of the entire S&P 500 index has gone from $27.5 trillion in January 2020, down to $22.8 trillion in mid-April 2020, before rebounding to nearly $26.8 trillion at the end of July 2020. Firms in July whose component weighting within the S&P 500 index is greater than 3.7% are trillion dollar companies.

That exclusive club includes just three firms: Apple, Microsoft, and Amazon. Even adding the value of Alphabet's Class A and Class C shares together isn't quite enough to pull the company that is still better known as Google into the trillion dollar valuation club.

That may just be a matter of time. Welcome to the age of the megacaps!

References

Slickcharts. S&P 500 Companies by Weight. [Online Data]. Snapshots: 8 January 2020, 17 April 2020, 31 July 2020.

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