What holds the index up is AI. Micron, which makes memory chips for AI servers, has more than tripled this year. Nvidia is up 24%. The market is paying up for anything that sells into the AI boom, and marking down anything AI might replace. Intuit, the maker of TurboTax, has lost more than half its value as investors worry AI agents will do what its software does.
The S&P 500 is up 13% this year. You would think most stocks are doing fine. About four in ten of the 500 are down this year, and 66 have fallen 20% or more. The typical stock is up about 6%, less than half the index. In September alone, 391 of them fell while the index slipped just 0.5%.
One of this year’s biggest losers is a different kind of business. It is old school. Its work is done by people, by hand, in customers’ homes. Nobody would have put it on a list of AI victims. Yet, at least on the marketing side, AI is exactly what hit it.
Google, with its own existential crisis, pivoted to show AI answers before its search results. That killed off some clicks to the company.
Finally as mention before The S&P 500 is up 13% this year. You would think most stocks are doing fine they are not up about 13% , the verdict is up to you yo think about it
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