The market-cap weighted index of tech stocks in the S&P 500 is up 20 percent in 2017, more than double the 7.8 percent advance of the S&P itself. It's tempting to think this is the result of a few big tech stocks: Apple, Microsoft, Alphabet and Facebook by themselves account for 43 percent of the S&P 500’s tech sector market capitalization.
But it’s worth noting that the majority of tech stocks in the S&P 500 are having stellar years as well. An equally weighted iteration of the S&P 500 tech sector, in which Apple carries the same sway as software company Adobe Systems, is itself up more than 17 percent this year; the median tech stock in the S&P 500 is up 18%.
Even smaller tech stocks are outperforming. More than half of the 303 tech stocks in the Russell 3000 Index, a measure of large-, medium- and small-cap companies, have recorded at least double-digit percentage gains this year.