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 12 Sept 2026
US Mega-cap Tech is outperforming the S&P 500 and still gaining ground (the leading zone of the rotation chart). It is up 1.7% over the past month and 4.3% year to date. 8 of 10 stocks are above their 50-day average, with broad participation across the theme. On 3-month relative strength, MSFT.US, AAPL.US and META.US lead the theme.
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
- AMZN.US+1.94%+0.19%
- NFLX.US+1.83%+0.18%
- GOOGL.US+1.77%+0.18%
Top 3 account for 50% of the total move.
Contribution is each holding's weight times its one-day move.
Emerging leaders (3-month rank)
- 1MSFT.US+6
- 2AAPL.US+4
- 3META.US+6
- 4AMZN.US0
- 5NVDA.US0
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. | $332.27 | +1.75% | 10.0% | +0.17% |
AMZN.US | Amazon.com Inc | $256.78 | +1.94% | 10.0% | +0.19% |
AVGO.US | Broadcom Inc | $361.99 | +0.32% | 10.0% | +0.03% |
GOOGL.US | Alphabet Inc Class A | $338.50 | +1.77% | 10.0% | +0.18% |
META.US | Meta Platforms Inc. | $648.03 | +0.57% | 10.0% | +0.06% |
MSFT.US | Microsoft Corporation | $495.63 | +0.65% | 10.0% | +0.06% |
NFLX.US | Netflix Inc | $77.40 | +1.83% | 10.0% | +0.18% |
NVDA.US | NVIDIA Corporation | $218.29 | -0.03% | 10.0% | -0.00% |
ORCL.US | Oracle Corporation | $150.28 | -1.74% | 10.0% | -0.17% |
TSLA.US | Tesla Inc | $365.44 | +0.52% | 10.0% | +0.05% |
AAPL.US
Apple Inc.
- Last
- $332.27
- 1D
- +1.75%
- Weight
- 10.0%
- Contribution
- +0.17%
AMZN.US
Amazon.com Inc
- Last
- $256.78
- 1D
- +1.94%
- Weight
- 10.0%
- Contribution
- +0.19%
AVGO.US
Broadcom Inc
- Last
- $361.99
- 1D
- +0.32%
- Weight
- 10.0%
- Contribution
- +0.03%
GOOGL.US
Alphabet Inc Class A
- Last
- $338.50
- 1D
- +1.77%
- Weight
- 10.0%
- Contribution
- +0.18%
META.US
Meta Platforms Inc.
- Last
- $648.03
- 1D
- +0.57%
- Weight
- 10.0%
- Contribution
- +0.06%
MSFT.US
Microsoft Corporation
- Last
- $495.63
- 1D
- +0.65%
- Weight
- 10.0%
- Contribution
- +0.06%
NFLX.US
Netflix Inc
- Last
- $77.40
- 1D
- +1.83%
- Weight
- 10.0%
- Contribution
- +0.18%
NVDA.US
NVIDIA Corporation
- Last
- $218.29
- 1D
- -0.03%
- Weight
- 10.0%
- Contribution
- -0.00%
ORCL.US
Oracle Corporation
- Last
- $150.28
- 1D
- -1.74%
- Weight
- 10.0%
- Contribution
- -0.17%
TSLA.US
Tesla Inc
- Last
- $365.44
- 1D
- +0.52%
- Weight
- 10.0%
- Contribution
- +0.05%
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.