Quick Read – SPAM surged 27% through May 2026 as AI capital expenditure repriced its 36 cybersecurity holdings from discretionary IT costs to durable infrastructure plays. – A $10,000 SPY investment grew to just $10,820 over the same window, while the same amount in SPAM…
turned roughly $12,750. – Zacks projects cybersecurity spending hitting $699 billion by 2034, though Goldman warns an AI capex reversal could quickly erase SPAM’s outperformance. – The cybersecurity ETF that some marketing committee decided to brand Themes Cybersecurity ETF (NASDAQ:SPAM) is having the kind of year that makes you forget its ticker is the universal shorthand for unwanted email. Through the first five months of 2026, SPAM is up 27.54%, climbing from $30.65 on December 31, 2025 to $39.09 on June 5, 2026
The S&P 500, via the SPDR S&P 500 ETF Trust (NYSEARCA:SPY), is up 8.16% over the exact same window. That is more than three times the broad market, achieved by a fund whose entire pitch is sitting in a basket of 36 companies that sell digital locks. The ticker irony is real.
The performance is genuine. What a tripling of the S&P actually looks like in dollars If you put $10,000 into SPAM on the last trading day of 2025 at $30.65 and walked away, you were holding roughly $12,750 as of the June 5 close at $39.09. The same $10,000 in SPY bought in at $681.92 and finished at $737.55, worth about $10,820.