Chart of the Day: AI. AI. AI. (And a Handful of Other Stocks, Too)

AI. AI. AI. And a handful of other stocks, too. That’s basically what’s working in equity markets this year. So…should you worry?

We’ll get to that in a minute. But let’s start with the MoneyShow Chart of the Day, which comes courtesy of Jim Bianco at Bianco Research.

You can see that the S&P 500 Index ($SPX) was up 8.9% as of the end of May – and AI-related stocks accounted for 7.6 percentage points of that gain. “Everyone else” contributed only 1.3 points.

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Source: Bianco Research

If you go back even further – and measure gains from the Nov. 22, 2022 launch of ChatGPT for public consumption – you find that AI stocks fueled 70% of the increase in S&P market capitalization.

Wondering what qualifies as an “AI stock?” The basket used in this exercise includes 41 direct or indirect AI beneficiaries. Think semiconductor providers, Magnificent Seven names, utilities, and capital equipment companies like Broadcom Inc. (AVGO), Nvidia Corp. (NVDA), NextEra Energy Inc. (NEE), and Quanta Services Inc. (PWR).

Now let’s get to the “Should I be worried or not?” part. Jim will share detailed insights at our 2026 MoneyShow Masters Symposium San Francisco this August – and I hope to see you there. But on X, he used the Dot-Com Bubble as an illustration. His thesis? We’re closer to the “1997” point in the cycle...versus March 2000 when the Dot-Com Bust was about to begin.

Personally, I’ll just repeat what I’ve been saying when kicking off MoneyShow events recently. I don’t think tech is on the verge of a crash. But I DO think it makes sense to allocate more capital to other sectors that could play catch up – including groups that have their own reasons to rally beyond AI, AI...and more AI!