AI stocks are driving the entire stock market.

The "AI Winners Index" is up +58% year-to-date, nearly matching its record set in June.

The index covers semiconductors, memory, data centers, networking, power, and AI application companies.

At the same time, the S&P 500 Ex-AI Enablers Index has increased just +5%, underperforming by 53 percentage points.

Meanwhile, the semiconductor index is up +78% over the same period, with Micron, $MU, Marvell, $MRVL, Intel, $INTC, AMD, $AMD up +263%, +224%, +190 %, and +190%, respectively.

By comparison, the S&P 500 index is up +13% while the Nasdaq 100 is up +22% so far in 2026.

The AI trade is leaving the rest of the market far behind.

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