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Mapped: The Largest 15 U.S. Cities by GDP

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map of u.s. cities by gdp

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Mapped: The Largest 15 U.S. Cities by GDP

The United States has the largest GDP in the world in nominal terms, and urban areas are a major contributor to the country’s economic might. In fact, metropolitan areas account for roughly 90% of U.S. economic output.

In this visual we’ve ranked the economic output of the top 15 U.S. cities from New York City to Minneapolis, using data from the U.S. Bureau of Economic Analysis. The data covers 2021, which is the most recent release from BEA.

It’s important to note that the data considers entire surrounding metropolitan areas, so as an example, New York City includes neighboring population centers such as Newark, NJ, as well as Jersey City⁠—reaching a GDP of nearly $2 trillion.

Measuring a city’s economy at the metro level can provide a more accurate representation of its economic activity. This is because the metropolitan areas include not only the central city but also the surrounding suburban and rural areas that are economically connected to it.

America’s Economic Hubs

There are some obvious winners when it comes to the largest U.S. cities by GDP, including NYC, Los Angeles, Dallas, and San Francisco.

In the table below, we’ve listed each of the 384 metropolitan areas out of the dataset all the way down to last place, Sebring-Avon Park, Florida, alongside respective ranks and GDP:

RankCityGDP (in thousands)
#1New York-Newark-Jersey City, NY-NJ-PA $1,992,779,274
#2Los Angeles-Long Beach-Anaheim, CA $1,124,682,354
#3Chicago-Naperville-Elgin, IL-IN-WI $764,583,227
#4San Francisco-Oakland-Berkeley, CA $668,677,573
#5Washington-Arlington-Alexandria, DC-VA-MD-WV $607,628,505
#6Dallas-Fort Worth-Arlington, TX $598,333,263
#7Houston-The Woodlands-Sugar Land, TX $537,066,232
#8Boston-Cambridge-Newton, MA-NH $531,671,846
#9Seattle-Tacoma-Bellevue, WA $479,966,484
#10Philadelphia-Camden-Wilmington, PA-NJ-DE-MD $477,580,629
#11Atlanta-Sandy Springs-Alpharetta, GA $473,823,474
#12Miami-Fort Lauderdale-Pompano Beach, FL $417,147,866
#13San Jose-Sunnyvale-Santa Clara, CA $410,418,579
#14Phoenix-Mesa-Chandler, AZ $316,090,586
#15Minneapolis-St. Paul-Bloomington, MN-WI $296,969,112
#16Detroit-Warren-Dearborn, MI $283,660,258
#17San Diego-Chula Vista-Carlsbad, CA$267,973,544
#18Denver-Aurora-Lakewood, CO$253,399,051
#19Baltimore-Columbia-Towson, MD $222,967,241
#20Riverside-San Bernardino-Ontario, CA $213,183,465
#21Charlotte-Concord-Gastonia, NC-SC $207,866,150
#22Austin-Round Rock-Georgetown, TX$193,773,558
#23Tampa-St. Petersburg-Clearwater, FL $190,708,533
#24St. Louis, MO-IL $187,569,544
#25Portland-Vancouver-Hillsboro, OR-WA$186,570,323
#26Cincinnati, OH-KY-IN $171,737,526
#27Pittsburgh, PA$168,021,049
#28Orlando-Kissimmee-Sanford, FL $167,279,974
#29Nashville-Davidson--Murfreesboro--Franklin, TN $163,031,737
#30Indianapolis-Carmel-Anderson, IN $162,062,985
#31Sacramento-Roseville-Folsom, CA$160,542,566
#32Columbus, OH $154,509,800
#33Kansas City, MO-KS $154,328,892
#34Cleveland-Elyria, OH $147,637,827
#35San Antonio-New Braunfels, TX$144,384,474
#36Las Vegas-Henderson-Paradise, NV $136,198,676
#37Salt Lake City, UT $118,494,536
#38Milwaukee-Waukesha, WI $111,479,649
#39Raleigh-Cary, NC $108,288,115
#40Virginia Beach-Norfolk-Newport News, VA-NC $107,067,798
#41Hartford-East Hartford-Middletown, CT$106,507,622
#42Jacksonville, FL $101,367,263
#43Richmond, VA $99,388,754
#44Bridgeport-Stamford-Norwalk, CT$98,751,750
#45Providence-Warwick, RI-MA $96,913,356
#46Oklahoma City, OK $86,662,243
#47Memphis, TN-MS-AR $86,493,147
#48Louisville/Jefferson County, KY-IN $82,866,115
#49New Orleans-Metairie, LA $81,829,573
#50Buffalo-Cheektowaga, NY $76,991,435
#51Albany-Schenectady-Troy, NY $73,995,509
#52Omaha-Council Bluffs, NE-IA $73,876,512
#53Birmingham-Hoover, AL $70,874,148
#54Rochester, NY $69,341,714
#55Grand Rapids-Kentwood, MI $68,401,313
#56Urban Honolulu, HI $67,383,319
#57Des Moines-West Des Moines, IA $61,171,285
#58Durham-Chapel Hill, NC $60,814,699
#59Tulsa, OK$60,392,165
#60Oxnard-Thousand Oaks-Ventura, CA $58,332,732
#61New Haven-Milford, CT $57,541,201
#62Madison, WI$56,636,713
#63Baton Rouge, LA $56,199,218
#64Worcester, MA-CT $54,941,620
#65Knoxville, TN$52,343,257
#66Greenville-Anderson, SC $52,328,843
#67Bakersfield, CA $52,239,044
#68Allentown-Bethlehem-Easton, PA-NJ $50,960,155
#69Charleston-North Charleston, SC $50,704,392
#70Tucson, AZ$50,231,611
#71Fresno, CA $49,987,063
#72Dayton-Kettering, OH $49,548,210
#73Albuquerque, NM $49,480,431
#74Columbia, SC$48,214,448
#75Syracuse, NY $46,414,861
#76Greensboro-High Point, NC $45,574,221
#77North Port-Sarasota-Bradenton, FL $44,746,013
#78Harrisburg-Carlisle, PA $43,867,213
#79Trenton-Princeton, NJ $43,633,044
#80Boise City, ID $43,601,402
#81Colorado Springs, CO $43,522,096
#82Little Rock-North Little Rock-Conway, AR $42,669,983
#83Midland, TX $42,035,915
#84Akron, OH $41,058,875
#85Wichita, KS $40,586,374
#86Toledo, OH $40,546,884
#87Cape Coral-Fort Myers, FL $39,813,620
#88Poughkeepsie-Newburgh-Middletown, NY $39,375,465
#89Portland-South Portland, ME $39,089,209
#90Winston-Salem, NC $38,504,784
#91El Paso, TX$37,507,586
#92Springfield, MA$37,189,530
#93Provo-Orem, UT $36,866,060
#94Stockton, CA $36,790,065
#95Reno, NV $35,471,910
#96Ogden-Clearfield, UT $35,071,325
#97Santa Rosa-Petaluma, CA $34,450,601
#98Chattanooga, TN-GA $34,425,793
#99Huntsville, AL$34,086,472
#100Santa Maria-Santa Barbara, CA $33,306,884
#101Boulder, CO $33,182,418
#102Lakeland-Winter Haven, FL $33,144,404
#103Fayetteville-Springdale-Rogers, AR$33,102,945
#104Vallejo, CA $33,100,194
#105Lancaster, PA $33,048,548
#106Lexington-Fayette, KY $32,851,535
#107Manchester-Nashua, NH $32,729,580
#108Spokane-Spokane Valley, WA $32,178,609
#109Augusta-Richmond County, GA-SC $31,718,339
#110Jackson, MS$30,785,111
#111Salinas, CA$30,712,263
#112Palm Bay-Melbourne-Titusville, FL $30,589,541
#113Scranton--Wilkes-Barre, PA $30,040,721
#114Lansing-East Lansing, MI $29,363,629
#115Ann Arbor, MI $28,604,834
#116Anchorage, AK $28,210,676
#117Modesto, CA $26,519,792
#118Sioux Falls, SD $26,063,548
#119Savannah, GA $25,681,434
#120Deltona-Daytona Beach-Ormond Beach, FL $25,516,019
#121McAllen-Edinburg-Mission, TX $25,508,724
#122Salisbury, MD-DE $25,194,103
#123Fort Wayne, IN $25,156,180
#124Corpus Christi, TX $24,937,471
#125Davenport-Moline-Rock Island, IA-IL $24,603,801
#126Beaumont-Port Arthur, TX $24,407,762
#127Fort Collins, CO $24,381,467
#128Asheville, NC $24,350,043
#129Pensacola-Ferry Pass-Brent, FL $24,309,017
#130Fayetteville, NC $24,254,218
#131Shreveport-Bossier City, LA $24,153,731
#132Naples-Marco Island, FL $24,020,049
#133Springfield, MO $23,930,761
#134Mobile, AL $23,876,616
#135Peoria, IL $23,599,643
#136York-Hanover, PA $23,406,852
#137Youngstown-Warren-Boardman, OH-PA $23,284,271
#138Lafayette, LA $22,650,406
#139Lincoln, NE $22,492,557
#140Greeley, CO $22,082,249
#141Reading, PA $22,055,785
#142Green Bay, WI $21,991,068
#143Killeen-Temple, TX $21,967,641
#144Myrtle Beach-Conway-North Myrtle Beach, SC-NC $21,787,862
#145Salem, OR$21,487,178
#146Evansville, IN-KY $21,248,968
#147Gulfport-Biloxi, MS $21,177,139
#148Port St. Lucie, FL $20,762,211
#149Norwich-New London, CT $20,743,047
#150Visalia, CA$20,580,771
#151Montgomery, AL $20,250,047
#152Canton-Massillon, OH $20,167,014
#153Tallahassee, FL$20,148,962
#154Cedar Rapids, IA $19,793,178
#155San Luis Obispo-Paso Robles, CA$19,639,637
#156Elkhart-Goshen, IN $19,271,838
#157Crestview-Fort Walton Beach-Destin, FL $18,899,397
#158Eugene-Springfield, OR $18,848,436
#159Gainesville, FL $18,353,884
#160Roanoke, VA $18,297,657
#161Wilmington, NC $18,203,444
#162Santa Cruz-Watsonville, CA $18,076,112
#163Spartanburg, SC $17,914,096
#164Kennewick-Richland, WA $17,836,850
#165Fargo, ND-MN $17,706,417
#166Flint, MI$17,234,628
#167Longview, TX$17,134,932
#168South Bend-Mishawaka, IN-MI $17,031,977
#169Rockford, IL $17,005,386
#170Hickory-Lenoir-Morganton, NC $16,787,117
#171Huntington-Ashland, WV-KY-OH $16,470,842
#172Columbus, GA-AL $16,456,091
#173Lubbock, TX $16,402,001
#174Amarillo, TX $16,313,319
#175Olympia-Lacey-Tumwater, WA $16,245,024
#176Appleton, WI $16,202,188
#177Bellingham, WA $16,036,428
#178Kalamazoo-Portage, MI $15,946,455
#179Duluth, MN-WI $15,905,385
#180College Station-Bryan, TX $15,896,707
#181Lake Charles, LA $15,791,901
#182Charlottesville, VA $15,762,678
#183Burlington-South Burlington, VT $15,669,774
#184Rochester, MN $15,644,852
#185Atlantic City-Hammonton, NJ $15,313,041
#186Barnstable Town, MA $15,150,695
#187Bloomington, IL $15,140,725
#188Waco, TX$15,125,143
#189Kingsport-Bristol, TN-VA $15,104,427
#190Utica-Rome, NY $14,678,570
#191Clarksville, TN-KY $14,546,292
#192Bremerton-Silverdale-Port Orchard, WA$14,373,182
#193Laredo, TX $13,581,543
#194Gainesville, GA$13,561,088
#195Charleston, WV $13,553,478
#196Brownsville-Harlingen, TX $13,225,538
#197Champaign-Urbana, IL $13,219,093
#198Topeka, KS $13,204,822
#199Springfield, IL$13,019,072
#200Tyler, TX $13,002,122
#201Tuscaloosa, AL $12,913,789
#202Ocala, FL $12,907,979
#203Hagerstown-Martinsburg, MD-WV $12,755,632
#204Bend, OR $12,618,710
#205Lafayette-West Lafayette, IN $12,537,390
#206Erie, PA$12,509,399
#207Napa, CA$12,387,136
#208Binghamton, NY $12,314,327
#209St. Cloud, MN $12,202,920
#210Columbia, MO$12,077,178
#211Iowa City, IA $11,989,228
#212Yakima, WA $11,864,827
#213Macon-Bibb County, GA $11,818,017
#214Oshkosh-Neenah, WI $11,586,606
#215Billings, MT $11,570,641
#216Athens-Clarke County, GA $11,562,554
#217Hilton Head Island-Bluffton, SC $11,497,194
#218Lynchburg, VA $11,430,306
#219Odessa, TX$11,399,343
#220Wausau-Weston, WI $11,250,695
#221Wheeling, WV-OH $11,239,365
#222Waterloo-Cedar Falls, IA $11,197,979
#223Florence, SC$11,018,873
#224Medford, OR $10,949,122
#225Fort Smith, AR-OK $10,920,156
#226Greenville, NC$10,841,765
#227Merced, CA$10,465,518
#228Kahului-Wailuku-Lahaina, HI $10,356,019
#229Eau Claire, WI $10,308,773
#230Panama City, FL $10,269,545
#231Sioux City, IA-NE-SD $10,111,866
#232Chico, CA $10,006,052
#233Dover, DE$9,984,324
#234Idaho Falls, ID $9,915,330
#235El Centro, CA$9,912,905
#236Jacksonville, NC $9,900,984
#237Daphne-Fairhope-Foley, AL $9,891,548
#238Jackson, TN$9,779,929
#239State College, PA $9,750,456
#240Harrisonburg, VA $9,499,442
#241Redding, CA $9,419,468
#242Saginaw, MI$9,363,549
#243Houma-Thibodaux, LA $9,350,744
#244La Crosse-Onalaska, WI-MN $9,294,924
#245Johnson City, TN $9,219,695
#246Racine, WI $9,100,374
#247Warner Robins, GA $8,993,124
#248Yuma, AZ$8,977,170
#249Lima, OH$8,962,374
#250Jefferson City, MO $8,956,976
#251Abilene, TX $8,848,793
#252Prescott Valley-Prescott, AZ $8,796,885
#253Monroe, LA$8,699,152
#254Kingston, NY $8,622,165
#255Morgantown, WV $8,597,534
#256California-Lexington Park, MD$8,554,244
#257Janesville-Beloit, WI $8,530,214
#258Terre Haute, IN $8,502,107
#259East Stroudsburg, PA $8,493,417
#260Niles, MI$8,455,695
#261Flagstaff, AZ$8,444,850
#262Winchester, VA-WV $8,419,006
#263Bowling Green, KY $8,368,247
#264Las Cruces, NM $8,339,710
#265St. George, UT$8,338,042
#266Joplin, MO $8,319,062
#267San Angelo, TX $8,284,455
#268Bloomington, IN $8,272,024
#269Blacksburg-Christiansburg, VA $8,271,597
#270Bismarck, ND$8,243,740
#271Coeur d'Alene, ID $8,112,478
#272Yuba City, CA $8,104,050
#273Sebastian-Vero Beach, FL $8,063,835
#274Dalton, GA $7,950,074
#275Decatur, IL $7,856,804
#276Dubuque, IA $7,840,579
#277Manhattan, KS $7,818,079
#278Bangor, ME $7,813,558
#279Rocky Mount, NC $7,799,020
#280Sheboygan, WI $7,747,640
#281Pittsfield, MA$7,682,977
#282Mount Vernon-Anacortes, WA $7,659,302
#283Jackson, MI $7,651,976
#284Santa Fe, NM $7,636,186
#285Dothan, AL $7,636,116
#286Ames, IA $7,583,257
#287Rapid City, SD $7,565,027
#288Battle Creek, MI $7,528,043
#289Glens Falls, NY$7,446,782
#290Grand Junction, CO $7,444,077
#291Burlington, NC $7,440,110
#292Pueblo, CO $7,436,671
#293Logan, UT-ID $7,425,275
#294Wenatchee, WA $7,403,597
#295Vineland-Bridgeton, NJ $7,376,321
#296Auburn-Opelika, AL $7,335,523
#297Decatur, AL$7,282,688
#298Kankakee, IL $7,282,382
#299Hanford-Corcoran, CA $7,258,824
#300Columbus, IN $7,205,692
#301Hattiesburg, MS $7,181,156
#302Wichita Falls, TX $7,096,972
#303Ithaca, NY $7,044,555
#304Lake Havasu City-Kingman, AZ $7,037,905
#305Alexandria, LA $7,037,021
#306Watertown-Fort Drum, NY $6,972,539
#307Weirton-Steubenville, WV-OH $6,966,489
#308Lebanon, PA$6,911,784
#309Punta Gorda, FL $6,911,071
#310Madera, CA$6,907,890
#311Chambersburg-Waynesboro, PA $6,846,649
#312Elizabethtown-Fort Knox, KY $6,819,777
#313Muskegon, MI $6,795,782
#314Missoula, MT$6,780,085
#315Altoona, PA $6,736,868
#316Monroe, MI $6,716,820
#317St. Joseph, MO-KS $6,700,369
#318Cheyenne, WY$6,608,922
#319Williamsport, PA $6,562,069
#320Valdosta, GA $6,529,753
#321Jonesboro, AR$6,494,679
#322Fairbanks, AK $6,477,984
#323Albany, GA $6,462,473
#324New Bern, NC$6,436,366
#325Owensboro, KY $6,434,476
#326Ocean City, NJ $6,279,126
#327Grand Forks, ND-MN $6,226,443
#328Morristown, TN $6,218,224
#329Carbondale-Marion, IL $6,206,570
#330Mankato, MN $6,157,026
#331Texarkana, TX-AR $6,086,205
#332Longview, WA$6,047,768
#333Florence-Muscle Shoals, AL $5,989,958
#334Casper, WY$5,887,565
#335Twin Falls, ID$5,878,885
#336Staunton, VA$5,865,980
#337Sherman-Denison, TX $5,852,474
#338Midland, MI$5,836,461
#339Fond du Lac, WI $5,817,790
#340Goldsboro, NC$5,761,092
#341Farmington, NM $5,698,394
#342Lawton, OK$5,636,670
#343Lewiston-Auburn, ME $5,614,156
#344Albany-Lebanon, OR $5,608,491
#345Lawrence, KS$5,586,561
#346Sumter, SC $5,539,578
#347The Villages, FL $5,507,387
#348Cleveland, TN$5,423,969
#349Sierra Vista-Douglas, AZ $5,399,087
#350Mansfield, OH $5,251,489
#351Homosassa Springs, FL $5,247,686
#352Corvallis, OR$5,242,566
#353Johnstown, PA$5,197,201
#354Springfield, OH$5,162,330
#355Brunswick, GA$5,136,201
#356Anniston-Oxford, AL $5,108,424
#357Victoria, TX$5,082,222
#358Bloomsburg-Berwick, PA $4,916,778
#359Hammond, LA$4,897,538
#360Grand Island, NE $4,871,762
#361Cape Girardeau, MO-IL$4,838,122
#362Beckley, WV$4,563,061
#363Rome, GA$4,539,453
#364Michigan City-La Porte, IN$4,521,182
#365Kokomo, IN $4,488,369
#366Muncie, IN$4,486,204
#367Hinesville, GA$4,427,847
#368Gettysburg, PA$4,310,644
#369Elmira, NY $4,230,830
#370Carson City, NV $4,225,603
#371Bay City, MI $4,158,772
#372Great Falls, MT $4,150,622
#373Cumberland, MD-WV $4,025,355
#374Parkersburg-Vienna, WV $4,000,337
#375Pine Bluff, AR $3,996,508
#376Hot Springs, AR $3,907,112
#377Pocatello, ID$3,732,010
#378Grants Pass, OR $3,666,285
#379Danville, IL $3,645,245
#380Walla Walla, WA $3,642,288
#381Lewiston, ID-WA $3,274,461
#382Gadsden, AL$3,175,372
#383Enid, OK$2,926,730
#384Sebring-Avon Park, FL$2,894,022
All U.S. Metro Areas$20,943,239,585

As the graphic above makes obvious, NYC’s GDP towers over the rest. The Big Apple is the nerve center for a number of high-impact industries, including finance and media.

Moving down the ranking, LA has a $1.1 trillion economy, followed by Chicago, with a GDP of just over $760 billion.

The Fastest Growing Cities

Although many of the top ranking cities are not surprising, there are a number of up-and-coming cities in the list. A report from the Kenan Institute, at the University of North Carolina’s Business School, reveals the fastest growing cities in the U.S. in terms of GDP growth year-over-year. Here’s a look at the top 10:

RankCityStateGDP Growth (2022)
#1San Francisco/Bay AreaCalifornia4.8%
#2AustinTexas4.3%
#3SeattleWashington3.5%
#4Raleigh/DurhamNorth Carolina3.4%
#5DallasTexas3.1%
#6DenverColorado3.0%
#7Salt Lake CityUtah2.8%
#8CharlotteNorth Carolina2.5%
#9New OrleansLouisiana2.4%
#10OrlandoFlorida2.4%

San Francisco, Seattle, and Dallas appear on both the overall GDP size and growth lists. Dallas’ economy is driven in large part by a growing healthcare industry. The city also continues to attract talent being home to large companies AT&T, CBRE Group, and Texas Instruments.

North Carolina is home to two of the fastest growing metropolitan areas, Raleigh-Durham and Charlotte. These cities may be ones to watch as they are becoming hubs of tech, research, and manufacturing. In fact, North Carolina was recently ranked as the most attractive U.S. state to do business in and both cities are among the fastest growing in terms of population.

The economic center of gravity within the U.S. could be shifting away from the traditional centers of power towards booming cities in the South and West of the United States. The Kenan Institute found that the recovery of hospitality and leisure sectors has helped destinations in these regions like New Orleans and Orlando. Additionally, the shift towards high-tech industry jobs, remote work, and cheaper housing have made these cities very attractive.

Of course, the sunny climate in these cities is an attractive selling point as well.

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Technology

Just 20 Stocks Have Driven S&P 500 Returns So Far in 2023

From Apple to NVIDIA, megacap stocks are fueling S&P 500 returns. The majority of these firms are also investing heavily in AI.

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Just 20 Stocks Have Driven Most of S&P 500 Returns

Just 20 firms—mainly AI-related stocks—are propping up the S&P 500 and driving it into positive territory, signaling growing risk in the market.

The above graphic from Truman Du shows which stocks are making up the vast majority of S&P 500 returns amid AI market euphoria and broader market headwinds.

Big Tech Stock Rally

Tech and AI stocks have soared as ChatGPT became a household name in 2023.

The below table shows data from last month, highlighting that just a small collection of companies drove most of the action on the U.S. benchmark index.

Company RankNameContribution to S&P 500 ReturnAverage Weight
1Apple1.49%6.61%
2Microsoft1.15%5.72%
3NVIDIA 1.00%1.62%
4Meta0.66%1.15%
5Amazon0.51%2.56%
6Tesla0.50%1.39%
7Alphabet (Class A Shares)0.34%1.72%
8Alphabet (Class C Shares)0.31%1.53%
9Salesforce0.19%0.51%
10Advanced Micro Devices0.16%0.39%
11General Electric0.10%0.28%
12Visa0.10%1.08%
13Broadcom0.09%0.73%
14Intel0.09%0.35%
15Walt Disney0.08%0.55%
16Booking Holdings0.07%0.28%
17Exxon Mobil0.06%1.37%
18Netflix0.06%0.44%
19Oracle0.06%0.40%
20Adobe0.06%0.49%
Top 20 Companies7.05%29.17%
S&P 500*7.55%100.00%

*Based on the Vanguard S&P 500 ETF as of April 11, 2023. Source: Vanguard S&P500 ETF, Bloomberg.

Microsoft invested $10 billion into OpenAI, the creators of ChatGPT. It has also integrated generative AI into its search engine Bing. This large language model is designed specifically to make search capabilities faster, generate text, and perform other automations.

Also of interest is NVIDIA, which is the most valuable chipmaker in America. It sells $10,000 chips called A100s that allow machine learning models to run. These models perform multiple tasks simultaneously to develop neural networks and train AI systems, including OpenAI’s ChatGPT. Companies that are developing AI-related services, such as chatbots or image generation, may use up to thousands of these chips.

Despite being the world’s most valuable company and a key driver of returns, Apple is an outlier among tech giants with no major projects announced in AI (so far).

Implications of Market Divergence

The problem with the strong gains seen in a few select AI-related stocks is that it clouds wider stock market performance.

Without the AI-led rally, the S&P 500 would be returning -1.4%. as of May 17, 2023.

This form of steep divergence, known as market breadth, often signals higher risk in the market.

When more companies experience positive returns it is less risky than a small handful seeing the majority of the gains. Today market breadth is very narrow, and these companies make up over 29% of the entire index’s market capitalization.

How long AI-related firms mask the broader performance of the S&P 500 remains to be seen. A growing number of market pressures, from higher interest rates to banking uncertainty could add further challenges.

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