A Goldman Sachs index excluding stocks classified as “AI enablers” was up 12.4% through Oct. 22, edging ahead of the S&P 500's 12% gain and now roughly even after tech rallied. Tech and AI-related firms make up about 45% of the S&P 500, and that heavy weighting has become a drag as the tech sector fell about 7% this month while other sectors held up. Investors are rotating into defensive sectors, with consumer staples, health care and utilities ETFs up 7% to 10% this month, and Oppenheimer upgraded commercial services and insurance to overweight. Trivector Research sees potential in non-tech compounders such as Eli Lilly, up 22%, and Viking Holdings, up 15% this year, with an average Wall Street target of $109 versus prices near $82. Berkshire Hathaway's Class B shares are up 8% this month, and its $364 billion stock portfolio may help it outperform if tech weighs on the index.
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S&P 500artificial intelligencetech stocksBerkshire Hathawayhealthcare
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Related tickers and likely impact
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 704.39 |
| Change that session | -0.01% |
SPY
• NeutralSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 759.85 |
| Change that session | -0.54% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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