Strip Out AI and the S&P 500 Looks Very Different, Goldman Index Shows

BeInCrypto2026/10/07 03:42

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The SP 500 has gained 18.3% in six months, against 6.7% for Goldman Sachs index excluding artificial intelligence (AI) enablers. A chip-led AI rally pushed the benchmark to a record, while that index sits 6.4% below its high. The SP 500 and Nasdaq Composite both closed at records on Tuesday. Goldmans ex-AI index, by contrast, peaked in August. Where did the SP 500 and its ex-AI version split? The SP 500 gained 18.3% over six months to 7,818.93 at Tuesdays close, Google Finance data show. The ex-AI index, ticker SPXXAI, gained 6.7% to 3,123.24. The gap is 11.6 percentage points. SP 500 performance over 6 months. Image: Google Finance Goldman built the index in February so clients could hedge AI exposure, Axios reported. It excludes stocks the bank deems AI enablers, about 45% of the SP 500 at launch. The ex-AI index performance over the last 6 months. Image: Google Finance The ex-AI index sits 6.4% below its 52-week high of 3,337.19. Meanwhile, the SP 500 sits 0.3% below its own. Chip stocks supplied the latest push. AMD, Marvell, Synopsys, and Cadence Design Systems each gained 20% or more in about 20 trading days, CNBC reported. Still, Schwabs Kevin Gordon has noted that the average stock fell 14% peak to trough since early August. Could power stocks become the next leg of the AI trade? Jan van Eck, CEO of asset manager VanEck, said chips were the first stage of the AI trade. He calls power producers and nuclear energy the second stage, or the AI 2.0 trade. That group has lagged this year over political concerns about data center growth, he said. Yet power producer Constellation Energy jumped 12.3% on Tuesday after Alphabet signed a power deal with it. Van Eck said the deal may mark a bottom for the group. However, a prediction market he cited puts the odds of one approved nuclear plant below 10% this year. I think when that happens this dry spell for the AI 2.0 trade will be over. Jan van Eck, CEO of VanEck, via CNBC The split suggests the benchmarks records now rest on AI-linked stocks. Third-quarter results from the largest cloud spenders may show whether that support holds. Read the article at BeInCrypto

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Latest developments on October 7th – Kelsian Group (KLS.AX) shares briefly rose 1% to A$3.93 before narrowing gains to 0.3% by midday in Sydney. Morningstar holds a positive view on the transport operator’s recently announced A$150 million (US$104.76 million) sale of travel assets in mid-September. The investment research firm noted that this divestment relieves the transportation and travel operator from reliance on discretionary-spending businesses such as resorts, cruises, and tours. It also stated that the sale enables management to focus more on core operations and moderately reduces capital intensity. However, Morningstar pointed out that the sale means profits from the marine segment will still be "discretionary in nature." It added that the sale will leave the company’s earnings mainly dependent on its US interstate coach business, which is characterized by short-term contracts without cost-adjustment mechanisms and serves highly volatile sectors such as technology, oil, and gas. Year to date, the share price is down 8.2%. (US$1 = A$1.4318) (For the convenience of non-English speakers, Reuters automatically translates its reports into several other languages. Automated translation may be inaccurate or may not completely reflect the required context; Reuters does not guarantee the accuracy of translated texts, which are provided solely for reader convenience. Reuters is not responsible for any harm or loss arising from the use of automatic translation.)

路透社•2026/10/07 04:36