The dominance of the stock market by a handful of companies continues. The 5 largest firms now comprise 18% of the capitalization of the market, far in excess of anything seen over at least the past 25 years.
But those companies make a mountain of profits, do they not? Yes, a rather astounding 12% of the net income of the entire S&P 500. So it's undeniable that those are superb companies enjoying near-monopoly conditions.
Interesting (scary???) to note that the last time the gap between market cap and actual profits was so large was in 1999, right before the huge technology stock crash.