The 2023 rebalance announcement was"driven by Tesla's week-ago rally, causing the constituents weighting > 4.5% to exceed 48% of the index.
Their collective weight will be down-sized to 40%," Harvey said in a recent note, adding that the biggest losers will be Apple and Microsoft, which should see their weight fall by almost 2% each."We believe this liquidity event dents, but does not break, the longer-term uber-cap trend... as long as the economy remains in a malaise , rather optimistic valuation premiums and growth estimates are difficult to refute," he said.
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