Almost all major US equity indices are at new peaks (S&P 500, Nasdaq 100, SOX Index). Year-to-date the S&P 500 is up 15.47%, the Nasdaq 100 is up 20.68%, and the chipmakers’ SOX Index is up 40.10%! But how have individual AI companies performed this year? Below are the returns for 50 global companies with the largest exposure to AI. For AI companies with market caps above $1 trillion (Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta, Broadcom, TSM, Tesla): The highest return

Seasonality and AI favor equity markets toward year‑end... Goldman Sachs: - The average S&P 500 return from October 20 to December 31 is +4.16% since 1928; - The average NDX return from October 20 to December 31 is +8.48% since 1985. Figure 1 shows returns for the Nasdaq‑100 up to October 20 of each calendar year; in 2025 this is already +19.65%. Since 2009, the October 20–December 31 period produced positive results in every year except 2018. The average return for 2009–2024

Basically, since the April turbulence, the market has been steadily moving higher, and there hasn’t been a more significant correction up...