美银美股与量化策略主管Savita Subramanian在一份报告中写道，历史显示，大型股的权重优势可能还会持续一段时间。但如果美联储的下一步行动是降息，而市场状态指标正转向复苏阶段，我们认为这波行情可能已接近尾声。
美银团队研究发现，自2015年以来，标普500指数中市值最大的50档股票表现比大盘高出73个百分点。上一次出现类似大市值股票大幅领先的情况是在1990年代末期，随后就是互联网泡沫破裂。此后，市场出现重大转向，由超大型成长股领涨转为价值股和小型股在2000年代初期表现更佳。Subramanian认为，类似的趋势转变可能正临近市场。
自2022年10月牛市启动以来，大型科技股一直是美股明显的赢家，人工智能(AI)热潮更推升了这波涨势。不过，近几周市场表面下已经出现一些轮动迹象。小型股罗素2000指数自2021年以来未创新高，但8月份迄今已上涨约6%，优于标普500指数约3.5%的涨幅。
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