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AI Is All That Matters: How 42 Stocks Drive 67% Of S&P 500 Gains
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Moneycontrol•12-10-2026, 08:42
AI Is All That Matters: How 42 Stocks Drive 67% Of S&P 500 Gains
- •A group of just 42 artificial intelligence stocks has driven 67% of the S&P 500 price return since the start of 2024.
- •These 42 AI companies accounted for 58% of the S&P 500 earnings growth and 81% of capital expenditure and R&D growth over the period.
- •Only 29% of stocks have outperformed the S&P 500 over the last three years, approaching lows not seen since the 2000 dot-com bubble.
- •Wall Street indexes ended the week higher on tech rallies, while US stock futures showed little change as investors await new inflation data.
Key Questions Answered
According to The Kobeissi Letter, just 42 artificial intelligence stocks have generated 67% of the S&P 500's price return since the start of 2024, contributing 22 percentage points to the index's total 33% gain.
The 42 tracked AI stocks have accounted for 58% of the S&P 500's earnings growth since the beginning of 2024, demonstrating a historic gap between AI-driven names and the rest of the market.
These companies have driven 81% of the index's total growth in capital expenditure (CapEx) and research and development (R&D) since the start of 2024, while the remaining 458 stocks contributed just 20%.
