Mega Caps And Index ConcentrationConcentration Take

Mega-cap drawdowns and 'real damage underneath' breadth warning

March 27, 2026Ben Carlson, The Inner Circle Trading Group DP David Prince, Mike Zaccardi, CFA, CMT

Posts emphasize that index-level declines mask deeper damage in prior leaders like MSFT, META, and NVDA, framing it as a breadth/concentration problem where a handful of mega-caps drove returns and now drive pain.

Drawdown update from the highs: S&P 500 -8.0% R2000 -9.1% Nasdaq 100 -10.7% Gold -17.1% NVDA -18.5% MSFT -33.5% Bitcoin -47.5%
$QQQ Down roughly 12% from all time highs. However the real damage is underneath. $MSFT -35% $META -34% $ORCL -60% .
$META -12% this week $GOOGL -8% $MSFT -6%
Ben Carlson
The Inner Circle Trading Group DP David Prince
Mike Zaccardi, CFA, CMT
YCharts
Jeremy Lefebvre
breadthdrawdownsleadershipmetanvidianvdamsft

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