From Felix Richter: "The information technology and communication services sectors, i.e. most things tech, were responsible for more than 70 percent of the S&P 500’s total return of 26.3 percent last year. Excluding companies from these two sectors, the index would have returned just 7.6 percent in 2023. The “Magnificent Seven” – Apple, Microsoft, Nvidia, Amazon, Meta, Tesla and Alphabet – accounted for roughly 60 percent of the index’s total return, illustrating how top heavy last year's rally has been."

In short, nobody wants to be perceived as the one that cooked the golden goose.