This tracks how US Mega-cap Tech is performing against the S&P 500: the relative-strength read traders use to find themes gaining momentum and the strongest stocks within them. Look for three things: whether it is gaining or losing ground on the index, whether the move is broad or led by a few large names, and which stocks lead on relative strength.
Current read · as at 3 July 2026
US Mega-cap Tech is underperforming the S&P 500 and losing ground (the lagging zone of the rotation chart). It is down 12.1% over the past month and 2.3% year to date. 1 of 10 stocks are above their 50-day average, with only a minority participating. On 3-month relative strength, GOOGL.US, AAPL.US and AMZN.US lead the theme, and MSFT.US has climbed the most in rank.
Relative strength is measured against S&P 500, centred at 100. Above 100 means it outpaced the benchmark.
Performance charts
Rebased to 100 vs S&P 500
End of day
US Mega-cap Tech vs S&P 500
Rising = outperforming
100 = matches benchmark. Above = outpacing it; below = lagging.
What's underneath the leaders
End of day
Latest-day drivers
- TSLA.US-7.49%-0.75%
- META.US-4.90%-0.49%
- AAPL.US+4.84%+0.48%
Top 3 account for 58% of the total move.
Contribution is each holding's weight times its one-day move.
Emerging leaders (3-month rank)
- 1GOOGL.US+1
- 2AAPL.US+2
- 3AMZN.US+2
- 4AVGO.US+2
- 5NVDA.US-2
Rank 1 = strongest 3-month move. Delta is the rank change; positive means improving.
Breadth and Effective N measure how widely the basket is moving right now — a participation gauge, not a forecast.
Constituents
Weights and contribution to the basket move
AAPL.US | Apple Inc. | $308.63 | +4.84% | 10.0% | +0.48% |
AMZN.US | Amazon.com Inc | $242.67 | +0.40% | 10.0% | +0.04% |
AVGO.US | Broadcom Inc | $360.45 | -2.41% | 10.0% | -0.24% |
GOOGL.US | Alphabet Inc Class A | $359.91 | -0.36% | 10.0% | -0.04% |
META.US | Meta Platforms Inc. | $582.90 | -4.90% | 10.0% | -0.49% |
MSFT.US | Microsoft Corporation | $390.49 | +1.62% | 10.0% | +0.16% |
NFLX.US | Netflix Inc | $77.65 | +4.66% | 10.0% | +0.47% |
NVDA.US | NVIDIA Corporation | $194.83 | -1.39% | 10.0% | -0.14% |
ORCL.US | Oracle Corporation | $140.27 | -1.56% | 10.0% | -0.16% |
TSLA.US | Tesla Inc | $393.45 | -7.49% | 10.0% | -0.75% |
AAPL.US
Apple Inc.
- Last
- $308.63
- 1D
- +4.84%
- Weight
- 10.0%
- Contribution
- +0.48%
AMZN.US
Amazon.com Inc
- Last
- $242.67
- 1D
- +0.40%
- Weight
- 10.0%
- Contribution
- +0.04%
AVGO.US
Broadcom Inc
- Last
- $360.45
- 1D
- -2.41%
- Weight
- 10.0%
- Contribution
- -0.24%
GOOGL.US
Alphabet Inc Class A
- Last
- $359.91
- 1D
- -0.36%
- Weight
- 10.0%
- Contribution
- -0.04%
META.US
Meta Platforms Inc.
- Last
- $582.90
- 1D
- -4.90%
- Weight
- 10.0%
- Contribution
- -0.49%
MSFT.US
Microsoft Corporation
- Last
- $390.49
- 1D
- +1.62%
- Weight
- 10.0%
- Contribution
- +0.16%
NFLX.US
Netflix Inc
- Last
- $77.65
- 1D
- +4.66%
- Weight
- 10.0%
- Contribution
- +0.47%
NVDA.US
NVIDIA Corporation
- Last
- $194.83
- 1D
- -1.39%
- Weight
- 10.0%
- Contribution
- -0.14%
ORCL.US
Oracle Corporation
- Last
- $140.27
- 1D
- -1.56%
- Weight
- 10.0%
- Contribution
- -0.16%
TSLA.US
Tesla Inc
- Last
- $393.45
- 1D
- -7.49%
- Weight
- 10.0%
- Contribution
- -0.75%
Last price shown at full precision. Contribution is each holding's weight times its one-day move. A dash marks data pending after the latest end-of-day refresh.
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Equal weighted. Equal-weighted basket seeded from the largest US-listed technology and internet companies by market capitalization, screened nightly from end-of-day data. Active US common stocks only, with a market cap of at least USD 500 million and a 90-day average daily value traded of at least USD 2 million, top 20 by market cap. NVDA and AVGO are also seeded in US Semiconductors.