Big tech is dominating: The technology sector's performance relative to the S&P 500 hit a record 2.2x in July. The price gap between tech and the S&P 500 has more than DOUBLED over the last 8 years. Since then, the S&P 500 Information Technology sector and the S&P 500 have returned +421% and +152%, respectively. As a result, the ratio now sits more than 2 standard deviations above its historical average. Even at the peak of the 2000 Dot-Com bubble, this ratio topped out at just 1.6x. US markets are now almost entirely driven by tech stocks.