S&P 500 Index Rises 117% Since October 2022, Driven by AI Stocks

Since October 2022, the S&P 500 Index has risen a cumulative 117%, with the total market capitalization of U.S. stocks increasing by nearly $40 trillion, primarily driven by AI-related stocks. The equal-weighted S&P 500 Index has underperformed the market-cap weighted index by 52 percentage points, marking the largest historical gap, indicating the current bull market's reliance on a few large tech stocks. During the same period, NVIDIA's stock price has surged over 1900%, and U.S. Treasury yields have risen to 5.34%, raising market concerns about valuation pressures. Investors are focused on whether corporate earnings growth can continue to support this bull market.

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