Basket of 42 AI Stocks Has Generated 67% of S&P 500's Price Return Since Start of 2024

Since the start of 2024, a basket of 42 AI stocks has generated 67% of the S&P 500's price return. Those names have contributed 22 percentage points to the index's 33% gain over this period, while the remaining 458 stocks have added 11 percentage points.
- The 42 AI stocks have accounted for 58% of the S&P 500's earnings growth and 81% of CapEx and R&D growth since the start of 2024
- The rest of the index has contributed just 20% of total CapEx and R&D growth over the same period
Just 29% of stocks have outperformed the S&P 500 over the last three years, close to the ~25% low recorded during the 2000 Dot-Com Bubble.