The current market narrative is that an obscene amount of AI hype is the only thing lifting global stocks this year. SocGen’s Andrew Lapthorne points out this is mostly US driven, and even within the US, could be a mirage.
The AI “theme” is undoubtedly helping a handful of big US stocks drag the entire American equity market higher, with the top 10 S&P 500 companies accounting for 12.9 per cent of the broader index’s 16.9 per cent first-half gain.
In other words, without their gains the US market would just be up 4 per cent year-to-date. But Lapthorne points out that these top performers have something else in common, besides AI links of varying plausibility.
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