Goldman's ex-AI S&P 500 Index Up 12.4% vs. 12% for S&P 500 Through Oct. 22

2.4 · 5d ago · US · FINANCE

The Facts

  • A Goldman Sachs index tracking the S&P 500 without stocks classified as "AI enablers" was up 12.4% through Oct. 22, versus a 12% gain for the standard S&P 500. CNBC only
  • The ex-AI index lagged the S&P 500 for most of the year; its advantage over the standard index disappeared last week as tech rallied in Monday trading. CNBC only
  • Tech and AI-related companies make up about 45% of the S&P 500, and the S&P 500 tech sector is down about 7% this month. CNBC only
  • Meta Platforms shares fell almost 7% Thursday after it outlined plans for heavy capital spending and issuing additional shares. CNBC only
  • Power and equipment suppliers for the AI buildout, including GE Vernova, Bloom Energy, Vistra and Quanta Services, suffered steep declines in the recent selloff. CNBC only
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  • State Street Select Sector SPDR ETFs for consumer staples, health and utilities are up 7% to 10% this month; energy is up about 10%, which CNBC attributes more to the war in Iran. CNBC only
  • Oppenheimer upgraded commercial services and insurance to overweight last week; Oppenheimer's Ari Wald said in an Oct. 24 note that the "AI pendulum has swung back in favor of non-AI exposure over the last two weeks." CNBC only
  • Berkshire Hathaway Class B shares are up 8% this month but still lag the S&P 500 this year; Berkshire holds a $364 billion stock portfolio. CNBC only
  • Eli Lilly stock is up 22% this year; Lilly plans to file a next-generation obesity drug for FDA approval in early 2027. CNBC only
  • Viking Holdings stock is up 15% this year, trading around $82; Barclays upgraded it to overweight with a $102 target, and the average Wall Street target is $109. CNBC only

Context

A Goldman Sachs index, launched earlier this year with S&P, that excludes companies seen as AI enablers briefly pulled ahead of the S&P 500 and is now roughly level with it. The S&P 500 tech sector has fallen about 7% this month while defensive sectors have gained.

Investors have also grown wary of debt and equity from companies such as CoreWeave and Oracle. Analysts cited by CNBC, including Oppenheimer and Trivector Research, are recommending non-AI holdings for diversification.

How the Agent Panel Scored This

Independent AI personas each scored importance 1–10; the story's score is a trimmed mean (highest and lowest votes dropped). Vote spread: 1.

3 News Editor This is a market performance report on a niche index with a near-zero difference from the S&P 500, though it notes a tech selloff and analyst upgrades, which give it modest but limited broader impact.
3 Critical Reader This is a market performance update reporting a small index return difference and sector moves without any major verified outcome or policy action, so its impact is limited.
3 Business Analyst The story reports a performance comparison of an index and routine analyst upgrades and price moves, with the only concrete market-moving events (tech selloff, Meta share drop) being modest and largely already reported, so impact is limited.
2 Policy Expert This is a market performance report on an index's returns and analyst commentary with no new government action, enacted law, or concrete corporate policy with broad systemic impact, so it falls in the routine or niche range.
2 Informed Citizen This is a market performance recap of an index's returns and analyst commentary with no new concrete policy, event, or action that materially affects ordinary people, and its impact will likely fade within a week.
2 Science & Tech Analyst This is a market performance update about a niche index moving roughly in line with the S&P 500, with no major concrete event beyond routine stock movements and analyst notes.
2 Global Affairs Analyst This is a market performance report on a niche index with a single source, describing routine stock moves and analyst upgrades rather than a concrete major economic or geopolitical event.

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