Non-AI shares rose amid strain in the artificial intelligence trade, while the S&P 500 approached record levels, highlighting a gap between index performance and that of a typical constituent.
By Oct. 21, the index's middle member remained roughly 15% below its own peak even as the benchmark touched fresh records. Goldman Sachs Asset Management identifies SPXXAI as its S&P 500 ex-AI basket and GSTMTAIP as its AI basket.
S&P Dow Jones Indices' methodology bases company weights on the value of shares available to public investors. A bigger company can move the benchmark more than a smaller one, helping explain why an index high may coexist with a median member still below its personal record. EconoTimes has previously covered the S&P 500's concentration and weighting.
