Where Data Tells the Story
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Total U.S. equity market capitalization grew 15.5% from December 2024 to November 2025. The Top 10 U.S. companies drove a disproportionate share of the gains, with their combined market value rising 25.1%—well above the broader S&P 500’s 17.0% increase. Broadcom (75.1%), Alphabet (65.7%), Eli Lilly (38.6%), and Nvidia (30.8%) led the group with the strongest year-to-date returns, while Amazon (8.1%), Apple (8.8%), Tesla (10.4%), and Meta (10.5%) significantly underperformed their mega-cap peers.