Just 42 AI Stocks Drive 67% of S&P 500 Gains Since 2024, Raising Questions About Market Concentration

Just 42 artificial intelligence (AI) stocks have contributed 67% of the S&P 500’s price gains since the start of 2024, accounting for 58% of the index’s earnings growth and 81% of its capital expenditure (CapEx) and research and development (R&D) growth, according to financial markets research platform The Kobeissi Letter. The figures highlight how a relatively small group of companies is driving a large share of the US stock market’s performance.

The S&P 500 has gained 33% over this period, with the 42 AI-linked stocks contributing 22 percentage points to the rise. The remaining 458 companies have added just 11 percentage points. The concentration of returns has raised questions about how much the broader market is benefiting from the AI boom.

AI Stocks Account For Most S&P 500 Gains Since 2024

The dominance of AI stocks extends beyond share prices. According to The Kobeissi Letter, these 42 companies have generated 58% of the S&P 500’s earnings growth since the beginning of 2024.

Their contribution to business investment has been even more pronounced. The group has accounted for 81% of the index’s growth in CapEx and R&D spending during the same period. The other stocks have contributed just 20% of the total increase in these investments.

The figures show that AI companies are gaining ground not just in the stock market. They are also reporting stronger earnings growth and putting more money into research and expansion.

The trend has also left fewer stocks outperforming the wider market. Only 29% of S&P 500 stocks have beaten the index over the past three years, approaching the roughly 25% low recorded during the dot-com bubble of 2000.

During that period, investor enthusiasm for internet companies fuelled a technology-led rally. The latest figures have drawn comparisons with that phase, although the current data alone does not establish whether the market is heading towards a similar outcome.

The Kobeissi Letter summed up the trend in a post on 11 October 2026, stating, “AI is all that matters.”

How Are US Markets Trading Ahead Of Key Data?

US stock futures were little changed on Sunday night after major Wall Street indexes ended the previous week higher. S&P 500 futures rose 0.12%, while Nasdaq 100 futures gained 0.24%. Dow Jones Industrial Average futures added 28 points, or 0.05%.

Technology stocks supported the weekly gains, helping investors look past rising oil prices and bond yields. The Dow and S&P 500 each recorded their second weekly gain in three weeks, while the Nasdaq Composite extended its winning streak to four weeks.

Investors are now preparing for a busy week of corporate earnings announcements and inflation data, which could influence expectations for the US economy and financial markets.

Asian markets opened mixed on Monday. South Korea’s Kospi fell 1.34%, while Australia’s S&P/ASX 200 gained 0.61%. Japanese markets remained closed for a holiday.

The coming sessions will offer further clues about whether the technology-led rally can sustain its momentum as investors assess earnings, inflation, and the outlook for AI-related spending.

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