S&P 500 Minus AI Stocks Is Crushing the Index by 6.4 Points in October
The S&P 500's AI darlings just lost their grip on the market. According to @KobeissiLetter, the index minus AI stocks is beating the full S&P 500 by 6.4 percentage points in October — the best relative month on record — after trailing by 5.1 points in the prior month.
The AI trade is losing its grip on the S&P 500 — at least for now. According to @KobeissiLetter, the S&P 500 excluding AI stocks has outperformed the full index by 6.4 percentage points so far in October, putting it on track for the best relative monthly performance on record.
That's a whiplash reversal from last month, when the ex-AI group trailed the index by 5.1 percentage points — the second-worst showing ever recorded. The gap has closed fast, and then some.
Zoom out three weeks and the swing looks even sharper. Over that stretch, the S&P 500 ex-AI has beaten the full index by 7.4 percentage points, the widest three-week spread on record, per @KobeissiLetter. Before this, the biggest monthly outperformance came in July at 3.6 percentage points.
The 2026 scoreboard shows how jumpy this race has been. Ex-AI names have won four months, the broader index has won six, with neither side able to hold the lead for long.
What's driving the flip? Investors are cashing in massive profits from the AI trade, according to @KobeissiLetter. Money that piled into a handful of AI winners is rotating out — and the rest of the index is reaping the benefit.
TopicsS&P 500 · @KobeissiLetter · AI stocks · S&P 500 ex-AI
Written by Paparazzi with AI. Not financial advice.
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