US stock market concentration is at record levels:
The S&P 500 Herfindahl-Hirschman Index (HHI) is up to 195 points, near the highest on record.
This metric measures how evenly market value is distributed across all 500 stocks in the index.
A higher number indicates increased concentration, meaning fewer stocks are driving market performance.
This index has more than DOUBLED since the 2020 pandemic.
By comparison, the HHI index peaked at 125 points during the 2000 Dot-Com Bubble.
The market has never been this top-heavy.
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