VOO's 34% Tech Weighting Puts $1 Trillion ETF at AI Capex Risk
Information technology now accounts for roughly 34% of VOO, with Nvidia as the fund's largest single holding. The Vanguard S&P 500 ETF absorbed more than $100 billion in net inflows during 2025, pushing assets toward the $1 trillion mark. That capital is increasingly concentrated in four AI infrastructure giants — Nvidia, Microsoft, Alphabet, and AWS — creating structural exposure to any deceleration in AI capital expenditure.
LM Salvado•