Goldman Sachs Index Excluding AI Up 12.4% vs S&P 500's 12% Gain in 2026
Published on · Source: cnbc.com
AI Summary
Summarized by AI from the source belowA Goldman Sachs index tracking the S&P 500 excluding stocks classified as "AI enablers" increased by 12.4% through October 22, 2026. This performance slightly edged ahead of the standard S&P 500's 12% gain over the same period. The Goldman Sachs index closely matches the S&P 500 as tech rallied in recent trading.
Technology stocks and AI-related companies constitute about 45% of the S&P 500. However, the tech sector has declined approximately 7% in October 2026, while other sectors have remained steady, leading to investor rotation into non-AI and defensive sectors such as consumer staples, health, utilities, and energy. ETFs focusing on these defensive sectors saw gains of 7% to 10% this month. Companies like CoreWeave, Oracle, Meta Platforms, and suppliers of AI infrastructure such as GE Vernova and Bloom Energy experienced share declines amid this selloff.
Analysts like Oppenheimer's Ari Wald note a recent shift back toward non-AI exposure, recommending industries such as commercial services and insurance. Berkshire Hathaway's Class B shares rose 8% in October 2026 but still lag the S&P 500 year to date. This rotation may impact how investors balance exposure between AI-focused growth and defensive sectors going forward.
Informational only, not financial advice. Content is AI-generated and may contain errors. How this works.
Our take
Opinion from the Newsstocks AI desk, not investment adviceThe near parity between the Goldman Sachs ex-AI index and the S&P 500 reflects growing investor caution on AI stocks. The recent shift towards defensive sectors suggests a market search for stability amid tech volatility. The balance of gains in non-AI sectors versus tech losses indicates no clear outperformance currently. Future moves will depend on the sustained performance of tech and rotation into traditional industries.
Key numbers
- Goldman Sachs ex-AI index gain
- 12.4%
- S&P 500 index gain
- 12%
- Tech sector decline in October
- 7%
- Berkshire Hathaway Class B shares gain in October
- 8%
What could help
- Rotation into defensive sectors like consumer staples, health, and insurance could stabilize returns.
- Berkshire Hathaway and other non-tech companies gaining may offer diversification benefits.
What could hurt
- Tech and AI-related stocks have declined recently, pressuring the S&P 500's tech-heavy weighting.
- Heavy spending plans by AI-focused companies like Meta Platforms have led to share price declines.
The background
Indexes track groups of stocks to show overall market trends. Excluding AI stocks measures how traditional sectors perform without AI-driven companies.
Questions readers ask
What has been the performance of the Goldman Sachs index excluding AI in 2026?
The Goldman Sachs index excluding AI stocks rose 12.4% through October 22, 2026.
How did the standard S&P 500 perform in 2026 compared to the ex-AI index?
The standard S&P 500 increased by 12% through October 22, 2026, slightly less than the 12.4% gain of the ex-AI index.
Which sectors have investors rotated into recently according to the article?
Investors have rotated into defensive sectors such as consumer staples, health, utilities, energy, commercial services, and insurance.
About GE Aerospace (GE)
GE Aerospace designs and services jet engines for commercial and military aircraft, following General Electric’s breakup into focused companies.
The Industrials sector covers manufacturers, aerospace, defense and transport companies tied to economic activity.
Earlier GE news
- JPMorgan Lowers GE Aerospace Price Target Amid Valuation Pressure
- S&P 500 Reaches Record High as AI Stocks Drive Gains
- GE Vernova (GEV) Expects $200 Billion Backlog by Early 2027
- GE Vernova Backlog Surges at Morgan Stanley Conference
- GE Aerospace (GE) Acquires CPP for $12 Billion to Boost Growth
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