A recent study by Bank of America reveals an interesting phenomenon — the proportion of innovative stocks in the S&P 500 has risen to 49%, hitting a record high.

Let's look at what has happened over the past forty years. In the 1980s, manufacturing dominated the U.S. stock market, accounting for as much as 66% of market value. And now? It has fallen to 17%, a decrease of 49 percentage points. The once-industrial empire has quietly disappeared from the spotlight.

So where did these market share go? Financials and real estate seized the opportunity, growing by 12 percentage points and now accounting for 17%. The consumer-related sectors saw more modest gains, increasing by only 2 percentage points, also at the 17% level.

The core change is quite clear — tech companies have completely transformed the landscape of the U.S. stock market. The shift from the industrial age to the information age is not just an update to the economic model but a reshaping of investment logic. Behind this structural change, it reflects the entire capital market’s re-pricing of growth momentum.