Apple Now Accounts for Half of All Consumer Revenue in the S&P 500's Top Tier
Apple captures 50% of consumer revenue of the top half of the S&P 500
In 2010, eight of the twenty largest companies by market cap sold directly to consumers. By 2026, that number has collapsed: tech firms now make up 14 of the top 20 and 83% of their combined value, while 85% of their revenue comes from businesses and governments. Apple stands alone, generating over 50% of the consumer revenue of the S&P 500's top half — more than every other consumer-facing company combined.
If you want to gain exposure to consumers, own Apple. If you don't believe consumers are a source of value then exclude Apple from your portfolio.