NVIDIA (NVDA) and AMD (AMD) Drive S&P 500 Growth by 26 Points

Over two years, NVIDIA (NVDA) generated 102% returns at a trailing P/E of 33, while AMD (AMD) surged 181% with a forward P/E of 156, contributing significantly to the S&P 500's 41% total return. Without these AI-related companies, the return would have only been 16%. As of May 22, 2026, the S&P 500 benefits notably from these high-valued tech firms, which raises concerns about concentration risks in passive investments. These returns highlight the significant impact of AI infrastructure on market performance amid current economic conditions.