If you've ever wondered what the US stock market might look like without AI, look no further than Europe. The S&P 500 ( ^GSPC ) has gained roughly 13.5% since the start of the year, adding roughly $9 trillion in market capitalization as the tech sector's run has lifted the entire index even as other sectors have faltered. But strip out AI-related stocks, and the picture changes. Remove those companies, and the US equity market hasn't beaten Europe — it has instead slightly lagged, as European markets have found their own strength. An index of the so-called "old economy" that removes AI-related names has gained just 5.5% since Jan. 1. Europe's STOXX 600 index ( ^STOXX ), tracking the leading 600 companies in Europe, has gained roughly 5.
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