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AI stocks drove 67% of S&P 500 performance in early 2024
A basket of 42 AI stocks generated 67% of the S&P 500's price performance since the start of 2024. These AI names contributed +22 percentage points to the index's +33% gain, while the remaining 458 stocks added +11 points. The AI group also accounted for 58% of earnings growth and 81% of capex and R&D growth over the same period. The other stocks supplied only 20% of total capex and R&D growth. Over the past three years, just 29% of S&P 500 stocks outperformed the index, close to the ~25% low recorded during the 2000 dot‑com bubble.