Story perspectives

Nvidia becomes VOO’s 7.5% top holding, concentration peaks

8/23/2026

Summary

Nvidia Leads VOO

Vanguard’s S&P 500 ETF (VOO) lists Nvidia as its top holding, weighting 7.5% of assets.
Apple falls to second place in VOO with a 6.58% weight, down from its historic lead.
The ten largest VOO stocks now comprise 38% of the fund, the highest concentration ever recorded.
A 20% drop in Nvidia’s price would reduce VOO’s total value by roughly 1.5%.
Nvidia reported fiscal-quarter revenue of $81.6 billion, an 85% year-over-year increase.

Summary

RSP Hits $100B

Investors are flocking to equal-weight S&P 500 ETFs, pushing Invesco’s RSP past $100 billion AUM this year.
RSP has outperformed the market-weighted S&P 500 by roughly 3% year-to-date through August 21.
The S&P 500 Shiller CAPE ratio hit 40 in June 2026, a level seen only once before.
Buying the S&P 500 at all-time highs has yielded a 9.4% average 12-month return.
Experts advise adding equal-weight, mid-cap, international and small-cap equities to reduce concentration risk.

History

Historical Context

During the 2000 dot-com bubble, the Nasdaq’s ten largest firms made about 45% of its market value, and the index fell 39%. Vanguard’s 500 Index Fund, launched in 1976, held only 12% of assets in its top five holdings by 2000, underscoring early concentration worries. Now, Vanguard’s S&P 500 ETF (VOO) weights Nvidia at 7.5% and Apple at 6.58%, pushing the ten to 38% concentration, while Invesco’s RSP exceeds $100 billion AUM. The 2000 episode showed extreme concentration can amplify volatility, prompting today’s overall shift to equal-weight funds to curb systemic risk.

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Nvidia Leads VOO

Vanguard’s S&P 500 ETF (VOO) lists Nvidia as its top holding, weighting 7.5% of assets.
Apple falls to second place in VOO with a 6.58% weight, down from its historic lead.
The ten largest VOO stocks now comprise 38% of the fund, the highest concentration ever recorded.
A 20% drop in Nvidia’s price would reduce VOO’s total value by roughly 1.5%.
Nvidia reported fiscal-quarter revenue of $81.6 billion, an 85% year-over-year increase.

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