JPMorgan: 30 AI Stocks Command 43% of S&P 500, Drive Nearly All Returns Since ChatGPT Launch

New York – A recent analysis from JPMorgan reveals that a concentrated group of approximately 30 artificial intelligence (AI) related stocks now constitutes a significant 43% of the S&P 500's total market capitalization. These companies have been the primary drivers of nearly all returns recorded by the S&P 500 since the introduction of ChatGPT in November 2022, according to the bank's "Global Stock Strategy Update Report" released on September 10, 2025.

The report highlights the immense capital flowing into this burgeoning sector. "These companies invested a staggering ~$800B in Capex/R&D last year (50/50 split) with 33% growth expected next 12 months," noted financial commentator James Pethokoukis, referencing the JPMorgan findings. This substantial investment underscores the industry's commitment to scaling AI infrastructure and innovation.

JPMorgan identifies AI as the "absolute core driving force" behind current U.S. stock performance and profit growth. The firm projects that the S&P 500 could ascend to 7,000 points by early 2026, largely propelled by the sustained profitability and increasing capital expenditures within the AI sector. Analysts suggest a "catch up" scenario is more probable than a "catch down," implying that the benefits of AI will eventually broaden across other sectors.

Despite this optimistic long-term outlook, JPMorgan cautions investors about several short-term risks. These include potential inflation rebounds, elevated market valuations, and historical seasonal weaknesses typically observed in U.S. equities during the September-October period. The report also points to resilient consumer spending and policy dividends from initiatives like the Inflation Reduction Act as crucial supporting factors for the broader market.