You have what I would describe as a Ben Graham '80s-era view of how the stock market works. The stock market is fundamentally a very different beast post-2008. The top ten companies in the S&P 500 make up 36% of the entire index's market capitalization. In 1980, this number was closer to 15%.
One cannot draw any conclusions about how an individual stock in the S&P 10 performs relative to the overall market, because of how correlated these companies are and how much their combined weight contributes to the overall market. Every company in the S&P 10 is a tech company, except Berkshire. They trade together, and how they trade impacts the entire S&P 500.
When Jassy says something, it impacts Google's stock. When it comes out that OpenAI might have to sue Microsoft, it impacts Amazon's stock. Why this happens only makes sense to wall street's HFT systems which, quite honestly, are likely closer at this point to ASI than OpenAI; albeit totally unintelligible in their motives and reasoning.
Amazon did not outperform the market. The market is Amazon. The S&P 10 is not 10 individual companies; its one company.
One cannot draw any conclusions about how an individual stock in the S&P 10 performs relative to the overall market, because of how correlated these companies are and how much their combined weight contributes to the overall market. Every company in the S&P 10 is a tech company, except Berkshire. They trade together, and how they trade impacts the entire S&P 500.
When Jassy says something, it impacts Google's stock. When it comes out that OpenAI might have to sue Microsoft, it impacts Amazon's stock. Why this happens only makes sense to wall street's HFT systems which, quite honestly, are likely closer at this point to ASI than OpenAI; albeit totally unintelligible in their motives and reasoning.
Amazon did not outperform the market. The market is Amazon. The S&P 10 is not 10 individual companies; its one company.