The Ten Tech Titans continue to dominate earnings headlines

The Ten Tech Titans continue to dominate earnings headlines, but the story isnt as simple as all eggs in Big Tech. Profits are broadening beyond the megacaps, yet markets are treating the recent pullback as if the rally depended on just these ten names.

Is the concentration risk overstated, or is the market signaling something about the durability of these leaders? And with capex still below late-cycle peaks, is todays spending frenzy really a sign of overheating, or just the early stages of a long-term productivity boom?