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Market concentration keeps hitting extremes. Data from Apollo's research shows a striking pattern: the top ten companies are eating up record portions of the overall market cap. Yet here's the disconnect—while the broader index keeps climbing higher, the number of individual stocks actually making new highs keeps shrinking. It's a tale of two markets. The concentration at the top tells you something about where flows are really going, while the narrowing breadth raises questions about what happens next. Classic warning sign or just how things work in mega-cap dominated markets?