This is incredible: The top 10 S&P 500 companies have seen their net income grow by ~180% since 2019. At the same time, the remaining 493 firms' profit growth was just 45%, or 4 times less. The top 10 companies' earnings growth began accelerating in 2023 and nearly DOUBLED since then. The gap continues to widen this earnings season. From the~70% of S&P 500 companies that have reported Q2 results, 52% have posted declining profit margins. Meanwhile, Apple, AAPL, Meta, META, Microsoft, MSFT, and Google, GOOGL, all beat earnings expectations. Big tech is getting bigger.(The Kobeissi Letter)