The combined weight of Apple (AAPL  ) and Microsoft (MFST  ) in the S&P 500 (SPY  ) is at its highest level since at least 1990, according to a new report from Strategas Research.

The two tech giants now account for more than 13% of the broader market index, Strategas ETF Strategist Todd Sohn wrote in a note to clients on Tuesday, CNBC reports. The stocks have also outperformed the S&P 500 so far this year, with Apple rising 26% and Microsoft climbing nearly 14% while the S&P 500 is only up about 3%.

"Tech's recent outperformance (defensive haven?) has resulted in the combined S&P 500 weight of AAPL (7.1%) + MSFT (6.1%) rising to new 30+ year highs. Concentration risk of the top 5 to 10 constituent was a hot topic during the post-COVID market surge, but it's seemingly transitioned to just the top two heavyweights now," Sohn said.

This outperformance comes as investors begin to shift away from FAANG's -- Facebook/ Meta Platforms (META  ), Amazon (AMZN  ), Apple, Netflix (NFLX  ), and Google/Alphabet (GOOGL  ) -- dominance over the entire tech industry for the past decade. This group also sometimes adds stocks like Nvidia (NVDA  ), Microsoft, and Tesla (TSLA  ) to its ranks as well.

"It's just been monumental," Sohn added. "There's just more comfort with the way Apple and Microsoft are viewed as opposed to going out and buy any tech name out there."

The technology sector itself has come under pressure in recent months, with the tech-heavy Invesco QQQ ETF (QQQ  ) falling over 33% for 2022 and only slightly recovering at a 15% year-to-date rise --which is still outperforming the broader S&P 500.

That recovery can in part be attributed to its largest holdings of Microsoft at 12.32% and Apple at 12.31%, respectively; that's double then the third and fourth highest holdings of Amazon and Nvidia weighted at 6.26% and 5.10%, respectively.

The Technology Select Sector SPDR Fund (XLF  ), which tracks the S&P 500 technology segment's performance, is also outperforming the broader market index so far this year at 16% due to its large allocations of Microsoft and Apple. The tech giants' combined weight accounts for nearly half of the index's holdings.