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The clobbering that tech shares have taken in recent days has magnified not only how influential these companies have become in people’s everyday lives, but how much sway they have gained in global stock markets. Investors are concerned that the tech giants have grown so much and so fast in recent years that they now carry outsize weight. Combined, the five largest U.S. technology and internet companies account for more than 14% of the S&P 500 index’s weighting. Their rapid gains have come alongside heavy inflows into passive funds that track indexes like the S&P 500, leaving millions of investors susceptible to greater downside.