The gap between AI names and the rest of the market is historic: Since the start of 2024, a basket of 42 AI stocks has generated 67% of the S&P 500's price return.

In other words, those names have contributed +22 percentage points to the index’s +33% gain over this period. By comparison, the remaining 458 stocks have added +11 percentage points. Additionally, those 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 therefore contributed just 20% of total CapEx and R&D growth over the same period. Meanwhile, just 29% of stocks have outperformed the S&P 500 over the last 3 years, close to the ~

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