The S&P 500’s (^GSPC) rebound looks a lot thinner once AI enablers are stripped out.
The S&P 500’s latest rally is less broad than the headline index suggests
A Goldman Sachs index that excludes artificial intelligence enablers is slightly lower since late February, while the S&P 500 is up about 10% and AI winners have surged over 45%. That makes this less a simple “bull market” story than a concentration story. AI is not just leading the tape — it is carrying a growing share of the index’s gains.
Concentration has been one of the defining features of this bull market since the Magnificent Seven label, referring to Apple (AAPL), Alphabet (GOOGL, GOOG), Microsoft (MSFT), Amazon (AMZN), Meta (META), Tesla (TSLA), and Nvidia (NVDA), took hold in 2023. Back then, the story was a handful of megacap tech stocks dragging the index higher while much of the market lagged behind. The latest turn is more thematic.