Strip Out AI and Energy, and the S&P 500 Is Down (June 19, 2026) | Torsten Slok's The Daily Spark | Apollo Global

Note: S&P Al is a representative basket of companies with exposure to artificial intelligence technologies and includes 84 companies. These include firms involved in the development and enablement of Al across areas such as semiconductors, software, internet platforms and IT infrastructure. The basket is applied consistently across the full sample period. Sources: Bloomberg, Apollo Chief Economist

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Apollo: Since January, the entire S&P 500's gains have come from just two corners of the market, AI and energy, while everything else is actually trading at less than where it started, see chart.