The Big Six tech companies—Apple, Amazon, Google, Meta, Microsoft, and Nvidia—just reported a combined $680 billion in quarterly revenue and $202 billion in net income. To put that in perspective, that's more profit in three months than most S&P 500 companies generate in revenue all year.

And for the first time in history, Nvidia topped the profit charts. The chipmaker pulled in $43 billion in net income this quarter, edging out Apple's $42.1 billion. That's a 94.5% increase year-over-year, powered by a 63.1% net profit margin. Let me say that again: Nvidia keeps 63 cents of every dollar it brings in. That's not a tech company. That's a money printer.

Here's what that margin means in plain English. For every $100 Blackwell chip Nvidia sells, $63 goes straight to the bottom line. Compare that to Amazon's 9.9% margin, where they keep less than $10 per $100 in sales. Apple, the king of hardware margins, sits at 29.3%. Nvidia is operating in a different universe.

The revenue breakdown shows just how concentrated this market has become. Amazon crossed $200 billion in quarterly revenue for the first time, up 13.6% year-over-year. Apple posted $143.8 billion, up 15.7%. Google hit $113.8 billion, up 18%. Microsoft came in at $81.3 billion, up 16.7%. Meta brought in $59.9 billion, up 23.8%. And Nvidia—$68.1 billion, up 73.2%.

Notice a pattern? Five of the six are growing in the mid-teens to low-twenties. Nvidia is growing at 73%. That's not market expansion. That's a land grab. And it's happening because hyperscalers are in an arms race to build AI infrastructure faster than their competitors.

Cloud revenue tells the story. Google Cloud grew 48% year-over-year. Microsoft's Azure jumped 39%. Amazon Web Services climbed 24%. Those aren't just big numbers—they're capital expenditure commitments. Amazon, Google, Meta, and Microsoft have collectively forecast $700 billion in capex for 2026. Most of that is going into AI data centers. And most of those data centers are buying Nvidia chips.

The networking piece is also worth watching. Nvidia's networking revenue hit $11 billion this quarter, up 263% year-over-year. That's Spectrum-X and NVLink—the plumbing that connects AI clusters. It's a moat on top of a moat. You don't just buy Nvidia GPUs. You buy into the entire Nvidia ecosystem.

Now let's talk about the risk nobody wants to discuss: concentration. Six companies now account for a massive share of the S&P 500's profit growth. If you own a broad market index, you're essentially making a leveraged bet on Big Tech. That worked great in 2025. It's working great in early 2026. But when the cycle turns, it's going to hurt.

Microsoft, Google, and Amazon are sitting on a combined $1.1 trillion in cloud backlog. Microsoft alone has $625 billion, up 110% year-over-year. That's contracted future revenue. It's as close to guaranteed as you get in this business. But it also means if enterprise AI adoption slows, those backlog numbers are going to start shrinking—and the market will notice.

For retail investors, the question is simple: are you comfortable owning a market where six companies generate $202 billion in quarterly profit while the other 494 companies in the S&P 500 fight over what's left? Because that's where we are. This isn't diversification. It's concentration with extra steps.

The bull case is that AI infrastructure spending is still in the early innings. Enterprise adoption hasn't even started at scale. The hyperscalers are building capacity ahead of demand, betting that workloads will follow. If they're right, these profit numbers could double over the next few years.

The bear case is that we're watching a capex bubble in real time. When Amazon, Google, Meta, and Microsoft are collectively spending $700 billion a year on infrastructure, someone has to generate the revenue to justify it. If AI monetization doesn't scale as fast as the buildout, those margins are going to compress fast.

Nvidia's 63.1% margin is the tell. When one company in the value chain is capturing that much profit, it means everyone else is fighting over scraps. That's sustainable as long as demand keeps growing. But the moment it plateaus, those margins become a target. Either customers demand price cuts, or competitors find a way in.

For now, the money is real. The profits are real. The momentum is real. But if you're holding these stocks, understand what you own. You're not betting on the market. You're betting on six companies staying ahead of the pack. That's a different kind of risk.