The COVID-induced recession has amplified the divide between oligopolistic digital disrupters versus the rest of the market, as the economic shut down is particularly praying on the weak. Looking at the top 6 U.S. tech companies (Netflix, Google (and Alphabet), Amazon, Apple, Microsoft, Facebook), they now represent a little over 25% of the S&P 500. The coronavirus pandemic has created a unique opportunity for these tech giants to completely disrupt how we socialize, learn, work, shop and get healthcare, enabling them to expand their market share. In this context, it’s not surprising to see their weight in the S&P 500 sharply increase (Chart 2). The virus has fast-forwarded the obsolescence of many things in life, and we believe investors should be careful when expecting an outperformance for sectors and companies that are less capable to adapt and survive to the post-COVID world.