Wall Street has a concentration problem, and the world’s largest asset manager just put a number on it.

In a note this week, BlackRock highlighted how a small group of companies is driving most of the U.S. stock market's profit growth. The Magnificent Seven stock, Apple Inc (NASDAQ:AAPL), Alphabet Inc (NASDAQ:GOOGL), Amazon.com Inc (NASDAQ:AMZN), Meta Platforms (NASDAQ:META), Microsoft Corporation (NASDAQ:MSFT), NVIDIA Corporation (NASDAQ:NVDA) and Tesla Inc (NASDAQ:TSLA)— are not just leading the S&P 500. They are quietly running it.

According to BlackRock, this group of seven stocks “make up about a third of the S&P 500’s market capitalization and account for 55% and 37% of total expected earnings growth this quarter and year, respectively.”

Read that again. Of all the profit growth Wall Street expects from the entire S&P 500 in the second quarter of 2026, every bank, every drugmaker, every retailer, every airline, every utility, more than half is expected to come from just seven companies. The other 493 are projected to deliver less, combined, than this small huddle of tech giants.

This is what BlackRock politely calls “an atypical path.” The rest of us would call it a takeover.

A quick word on what that 55% actually ...