The S&P 500 minus AI is having its best month in years
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The S&P 500 excluding artificial intelligence stocks is on track for its strongest month relative to the benchmark since the start of what the chart describes as the AI trade, according to a post by Mike Zaccardi on Tuesday.
The chart posted by Zaccardi tracked the monthly relative performance of the S&P 500 ex-AI measure against the benchmark from 2022 through October 2026. The measure is ahead of the broader index by a little over 6% so far this month.
The outperformance followed two of the weakest readings on the chart. The month before October, the ex-AI measure lagged the benchmark by around 5%. An earlier reading in 2026 fell to roughly 6% below the index, the weakest reading on the chart.
Here is the chart:
Bloomberg
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