AI Stocks Drive Nearly All of S&P 500’s Gains, Data Reveals

The S&P 500 has surged to fresh record highs in 2026, powering through milestone after milestone as Wall Street toasts another banner year.

Strip out the artificial intelligence stocks, though, and the rally all but disappears, leaving a market that has gone essentially nowhere since February.

S&P 500 ex-AI Index Flat Since February as Benchmark Climbs 8%

BeInCrypto recently reported that AI-linked stocks now account for a record 45% of the S&P 500’s market capitalization. Strong rallies in hyperscalers and AI-related stocks have helped push the index higher, as investors continue betting on the sector’s long-term growth potential.

The S&P 500 has climbed nearly 7% since early February. While the war-driven volatility caused notable losses in March, the rally accelerated in April, with the index gaining 15.5% since March 30.

However, the gains have not been evenly distributed across the market. According to Google Finance data, the US 500 Excluding Artificial Intelligence Enablers Price Return Index (SPXXAI) has fallen 1.84% since its February launch. 

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Even after rebounding from its March lows, the index is up only around 5.07%. The contrast highlights how heavily AI-related stocks are driving the broader market rally. 

Goldman’s earlier work flagged the divergence well before the current rally. Across three years through early 2026, the headline S&P 500 returned 76% versus 32% for the ex-AI version.

“The gap highlights how a handful of AI giants are driving nearly all market gains, fueling growing concerns that the current bull market is becoming dangerously reliant on the AI trade alone,” Coin Bureau wrote.

This is not just the case for US equities. Bloomberg recently reported that Asia’s AI-driven stock rally has been concealing broader market weakness, with surging tech shares offsetting the economic pressure and investor uncertainty stemming from the US-Iran conflict.

“Outside of AI, there is a genuine absence of catalysts, and many companies’ spending plans and margin outlooks remain on hold until there is greater clarity on the conflict,” said Fabien Yip, a market analyst at IG International. 

While AI giants continue to lift headline indices to record highs, much of the broader market remains sluggish amid geopolitical tensions and economic uncertainty.

As a result, investor confidence increasingly hinges on whether the AI boom can continue sustaining market momentum on its own.

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