The S&P 500 ex-AI index briefly pulled ahead of the standard S&P 500 in 2026, as a retreat in technology shares narrowed the benchmark’s earlier advantage. The measures were neck and neck again during trading on Oct. 26, when tech stocks rallied.

Key Takeaways

  • The ex-AI index had gained 12.4% for the year through Oct. 22, compared with 12% for the S&P 500.
  • The S&P 500 technology sector was down about 7% for the month, while several defensive-sector funds had gained.
  • Goldman Sachs and S&P launched the index earlier in 2026, excluding companies perceived to enable AI.

How the S&P 500 ex-AI index works

The Goldman Sachs index starts with companies in the S&P 500, removes those perceived to be AI enablers and applies the S&P 500’s weighting methodology to the remaining companies.

It lagged the benchmark for much of the year, when investors favored chipmakers, cloud-computing companies and other businesses benefiting from AI spending. The gap subsequently narrowed, and the ex-AI measure edged ahead through Oct. 22.

Tech weakness and gains elsewhere

Technology and AI-related companies account for about 45% of the S&P 500. The index’s technology sector was down roughly 7% in October as of the Oct. 26 report.

Meta Platforms shares fell almost 7% on Oct. 22 after the company outlined plans for heavy capital spending and additional share issuance. Suppliers involved in the AI buildout, including GE Vernova, Bloom Energy, Vistra and Quanta Services, also suffered steep declines during the recent selloff.

Meanwhile, exchange-traded funds focused on consumer staples, health care and utilities were up 7% to 10% for the month. Berkshire Hathaway’s Class B shares were up 8% in October, although they still trailed the S&P 500 for the year.

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