Large-Cap Institutional Ownership 2Q26: Mega-Cap Tech Under-Ownership Widens

Research evidence excerpt

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M

Update

August 17, 2026 10:21 PM GMT

US Technology | North America

Morgan Stanley & Co. LLC

Erik W Woodring

Equity Analyst

Large-Cap Institutional

Ownership 2Q26: Mega-Cap

Tech Under-Ownership Widens

Adam Wood

Equity Analyst

Brian Nowak, CFA

Equity Analyst

Joseph Moore

Equity Analyst

The gap between Mega-cap tech S&P weighting and institutional

ownership widened 4bps in 2Q, with mega-cap tech now 129bps

under-owned vs. -125bps in 1Q. The rest of large-cap tech is

modestly over-owned at +39bps. NVDA remains the most

under-owned, followed by AAPL, MSFT, AMZN and GOOGL.

Equity Analyst

Mega-cap Tech under-ownership vs the S&P 500 modestly widened to -129bps

from -125bps at 1Q26 end.

Rauf Ural

Research Associate

Shane Brett

Equity Analyst

Key Takeaways

Meta A Marshall

IT Hardware

North America

Industry View

In-Line

Outside of mega-cap Tech stocks, the spread between institutional ownership

and S&P 500 weighting was +39bps, modestly above 1Q26 (at +32 bps).

NVDA remains the most under-owned large-cap tech stock vs. S&P 500 at 2.53%, followed by AAPL (-2.33%), MSFT (-1.54%), and AMZN (-1.29%).

SNDK is still the most "over-owned" large-cap tech stock at +2.30% vs. S&P 500,

about 1.5x KLAC, the next most over-owned stock behind SNDK.

Institutional positioning in large-cap tech still favors AI infra bottlenecks, with

relatively high memory/storage and low software ownership exiting 2Q26.

Mega-cap Tech stocks are modestly more under-owned vs. the S&P 500 exiting

2Q26 than 1Q26; NVDA remains the most "under-owned" large-cap tech stock,

while SNDK remains the most "over-owned" ( Exhibit1 ). Leveraging 13Fs filed for

the end of 2Q26, most mega-cap technology stocks remain under-owned relative to

their weighting in the S&P 500, with NVDA (-2.53%), AAPL (-2.33%), MSFT (-1.54%)

and AMZN (-1.29%) the most under-owned of the mega-cap tech stocks we track.

Conversely, SNDK (+2.30%), KLAC (+1.53%) and STX (+1.36%), are the most overowned technology stocks we track relative to their weighting in the S&P 500. On

average, the spread between active institutional ownership and S&P 500 weighting

…