Goldman Sachs Index Excluding AI Exposure Surges Past Regular Counterpart

Goldman Sachs' S&P 500 index without AI exposure has outperformed its regular counterpart since late June. The 'SPXXAI' index, launched on February 20, 2026, excludes companies that are driving the AI boom.

The excluded AI-enabling companies represent about 45% of the S&P 500's total market capitalization and had previously delivered a total return of 76% over three years. In contrast, the ex-AI version returned just 32%.

By late June, the correlation between Goldman's US Broad AI Index and the SPXXAI Index plummeted to between -0.53 and -0.60, indicating inverse movement. This unusual phenomenon is rarely observed between segments of the same broad market.

Goldman strategist Ben Snider identified three non-AI investment themes driving the outperformance: consumer experience stocks, 'compounders' with consistent earnings growth, and potential M&A candidates. The consumer experience basket alone delivered striking results, returning 17% year-to-date by July 2026.