AI stocks have driven S&P 500's growth since late 2022
Since late 2022, AI stocks have been the real MVPs of the S&P 500, driving about 75% of its total growth, according to a fresh JPMorgan report.
Direct AI companies saw their share prices jump a massive 181%, while the S&P 500 excluding AI-linked names only grew by 25%.
AI's influence on the stock market
If you're curious where all the stock market buzz is coming from, it's mostly AI.
The "Magnificent 7" tech giants—think Apple, Microsoft, NVIDIA and friends—rose nearly 50% since April and boosted the S&P by around 30% since November 2022.
Even AI-related equipment firms and utilities got a lift.
The cost of AI's success
AI companies aren't just hyped—they're spending big and earning big.
They made up about 90% of new investments in things like R&D and data centers (which even outpaced office construction).
But all this rapid growth is starting to put pressure on power grids and drive up electricity costs too.