According to CoinMeta, the S&P 500 index continues to set new highs, but in reality, only Microsoft and NVIDIA are supporting the entire market. Since July 13th, the combined market value of Microsoft and NVIDIA has increased by $1.42 trillion, while the other 71 tech stocks have lost a total of $22 billion. The communications services sector has lost $300 billion, and the industrial sector has declined by $67 billion, revealing the deeper industry losses behind the S&P 500's record high. Due to the market value weighting of the S&P 500, these two stocks are currently the only ones determining the direction of the index. If either of them experiences a setback, investors will face significant risks.