--- title: "The S&P 500’s narrow rally: 10 stocks accounted for 69% of gains" description: Meanwhile, we compare the AI bubble to the internet bubble. Each week, the Syz investment team takes you through the last seven days in seven charts. image: https://blog.syzgroup.com/hubfs/Gemini_Generated_Image_h6yl7mh6yl7mh6yl.png --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. You can change your settings below to refuse the use of cookies. For more information, please refer to the [Cookies policy](https://www.syzgroup.com/en/legal-notices). Mandatory cookies Functional cookies Statistics & marketing I confirm I am not a US citizen residing in the US I confirm I am not accessing this site from the US I confirm that I am not a resident of Canada (except for Ontario, Quebec, British Columbia or Alberta). Agree and confirm ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… You chose the following profile. If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) ### The S&P 500’s narrow rally: 10 stocks accounted for 69% of gains Meanwhile, we compare the AI bubble to the internet bubble. Each week, the Syz investment team takes you through the last seven days in seven charts. [![Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/hubfs/charles-2.jpg)](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) [**Charles-Henry Monchau, CFA, CMT, CAIA**](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) Chief Investment Officer **Monday, 05/11/2026** | - [![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png)](file:///C:/Users/awyneken/OneDrive%20-%20Banque%20Syz%20SA/Desktop/A-Syz-Feature_WeekIn7Charts_260511.pdf) - - - - #### Chart #1 —  ## 10 stocks drove 69% of the S&P 500 rally Since the market lows on 30 March, the S&P 500 has gained 16%. However, most of this rebound came from only 10 companies, which generated nearly 70% of the index’s total performance. Alphabet and Nvidia alone contributed about 25% of the rally, showing how concentrated the market gains have become. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-May-11-2026-07-28-03-6905-AM.png?width=1004&height=399&name=image-png-May-11-2026-07-28-03-6905-AM.png) Source: Negligible Capital --- #### Chart #2 —  ## The AI bubble vs. the internet bubble 858 days after the launch of ChatGPT, the Nasdaq has risen 129%. By comparison, 858 days after Netscape’s release during the internet boom, the Nasdaq had climbed 155%. The comparison suggests that today’s AI expansion may still be in its earlier stages, much like the internet buildout in the late 1990s. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-May-11-2026-07-29-07-0116-AM.png?width=1004&height=581&name=image-png-May-11-2026-07-29-07-0116-AM.png) Source: Negligible Capital, Bespoke   --- #### Chart #3 —  ## US stocks spring huge profit surprise  This earnings season, 320 companies from the S&P 500 have already reported results. On average, earnings came in 20% above expectations, marking one of the strongest profit surprise periods in recent years for US companies. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-May-11-2026-07-29-43-2285-AM.png?width=1004&height=717&name=image-png-May-11-2026-07-29-43-2285-AM.png) Source: Bloomberg, Negligible Capital  --- #### Chart #4 —  ## The AI gold rush has a hidden cost… and Big Tech is footing the bill  Big Tech companies are spending enormous amounts to stay competitive in AI. Free cash flow, which peaked around $300bn in 2024, is expected to fall close to zero by 2026 due to massive capital expenditures approaching $715bn. Profit margins are shrinking across major firms such as Microsoft, Meta, Alphabet, and Amazon, while debt levels continue to rise. As buybacks slow down and leverage increases, the market structure may become more fragile. AI could shape the future, but the financial cost of building it is already putting pressure on the present. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-May-11-2026-07-30-31-5549-AM.png?width=867&height=618&name=image-png-May-11-2026-07-30-31-5549-AM.png) Source: Global Markets Investor, JPM, Bloomberg  --- #### Chart #5 —  ## Say goodbye to the 'US equity shrinkage' bull case since the early 00s For years, factors like stock buybacks, private equity growth, low interest rates, and abundant liquidity reduced the amount of publicly traded equity available in the market. According to Bank of America, this trend may now reverse as a wave of new public listings approaches. The world’s three largest private companies alone represent more than $2tr in value, potentially increasing equity supply significantly in the coming years. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-May-11-2026-07-31-09-0669-AM.png?width=1004&height=463&name=image-png-May-11-2026-07-31-09-0669-AM.png) Source: Neil Sethi, BofA  --- #### Chart #6 — ## America's valuation premium over Europe is historically wide The S&P 500 currently trades at around 21 times forward earnings, compared with about 14 times for the Stoxx Europe 600. This 7-point valuation gap is the largest seen since the 2008 financial crisis. Europe’s dependence on external energy sources and geopolitical tensions have weighed on investor confidence, while the US has benefited from stronger energy independence and continued growth in the technology sector. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-May-11-2026-07-31-41-2230-AM.png?width=843&height=620&name=image-png-May-11-2026-07-31-41-2230-AM.png) Source: FT, Factset, Global Markets Investor   --- #### Chart #7 —  ## Gold is now America's biggest export, and has been for the last 5 months In March, US gold exports exceeded exports of oil, pharmaceuticals, and aircraft engines by a large margin. Much of this gold is moving through Switzerland before reaching China. This unusual trend reflects rising geopolitical uncertainty, inflation concerns, and the growing role of gold in international trade settlements. The fact that the US is exporting gold at record levels to China is an important signal for global markets. The world's reserve currency country is shipping its oldest store of value to its biggest rival at a record pace. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-May-11-2026-07-32-38-0834-AM.png?width=1004&height=577&name=image-png-May-11-2026-07-32-38-0834-AM.png) Source: Bloomberg, FRED  --- #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Bond market vs US Treasury: who will yield?](https://blog.syzgroup.com/fast-food-for-thought/bond-market-vs-us-treasury-who-will-yield?hsLang=en) Nothing seems to curb the 10-year Treasury yield’s rise. Meanwhile, Japan’s currency defense is drying up it’s FX reserves and the S&P 500 is hiding something important. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 14/09/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [A record US-China yield gap?](https://blog.syzgroup.com/fast-food-for-thought/a-record-us-china-yield-gap?hsLang=en) Meanwhile, European countries are having their own bond crisis. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 07/09/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Nvidia’s record-breaking day](https://blog.syzgroup.com/fast-food-for-thought/nvidias-record-breaking-day?hsLang=en) Victoria’s Secret is back: a $100,000 investment has quadrupled since the Fashion Show’s return was announced. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 31/08/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. [Discover more](https://blog.syzgroup.com/syz-the-moment?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. Follow us ## **Thinking** out loud - - - - ## **Investing** with intelligence Our latest research, commentary and market outlooks #### [Weekly Market Update](https://blog.syzgroup.com/fast-food-for-thoughts/tag/weekly-market-update?hsLang=en) #### [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus?hsLang=en) #### [Asset Allocation Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights?hsLang=en) #### [Semi-annual Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/semi-annual-outlook?hsLang=en) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [Terms & conditions](https://www.syzgroup.com/sites/default/files/document/2021-12/001-2_en-general_terms_and_conditions_w.pdf) - [Data protection notice](https://www.syzgroup.com/en/data-protection-notice) - [Cookies policy](https://www.syzgroup.com/en/legal-notices) - [Syzgroup.com](https://www.syzgroup.com/) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Charles-Henry Monchau, CFA, CMT, CAIA", "url" : "https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau" }, "dateModified" : "2026-05-11T12:43:54.122Z", "datePublished" : "2026-05-11T12:43:54.000Z", "headline" : "The S&P 500’s narrow rally: 10 stocks accounted for 69% of gains", "image" : [ "https://blog.syzgroup.com/hubfs/Gemini_Generated_Image_h6yl7mh6yl7mh6yl.png" ], "mainEntityOfPage" : { "@id" : "https://blog.syzgroup.com/fast-food-for-thought/the-sp-500s-narrow-rally-10-stocks-accounted-for-69-of-gains", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.syzgroup.com/hubfs/Logo%20(1).png" }, "name" : "Syz Group" } } ```