Goldman Sachs Launches AI-Free Index

Goldman Sachs has introduced a new financial instrument that is already sparking conversations across Wall Street and Silicon Valley: the “S&P ex-AI” index (ticker SPXXAI). This innovative benchmark, developed in partnership with S&P Dow Jones Indices, tracks the performance of all companies in the S&P 500 that are not directly involved in artificial intelligence. The move comes as a response to the growing dominance of AI-related stocks in the broader market, which now account for nearly half of the index’s total value.

According to a note from Louis Miller, head of Goldman Sachs’ equity custom basket desk, the rationale behind the ex-AI index is to help investors “hedge their exposure to the AI trade” and “eliminate the noise introduced by the AI hype.” In other words, as AI stocks have become increasingly influential—driving significant gains in the S&P 500 over the past three years—some investors are looking for ways to diversify or protect themselves from potential volatility in this sector.

The timing is notable. Over the last three years, the S&P 500 has surged by 76%, buoyed in large part by the meteoric rise of AI giants and enablers. In contrast, the newly created ex-AI index has risen just 32% over the same period. This stark difference underscores the extent to which AI has reshaped the market landscape, leaving traditional, non-AI companies—often referred to as “old-economy stocks”—in its shadow.

The S&P ex-AI index is not available to the general public; it is exclusively offered to Goldman Sachs clients. This exclusivity reflects the index’s role as a specialized tool for sophisticated investors seeking to navigate the complexities of an AI-driven market. By isolating non-AI stocks, the index provides a clear view of how traditional sectors are performing without the influence of the AI boom.

This development raises broader questions about the future of investing and market benchmarks. As AI continues to permeate every corner of the economy, from cloud computing and semiconductors to healthcare and finance, the definition of a “diversified portfolio” is evolving. For some, the ex-AI index represents a way to maintain exposure to the broader economy while hedging against the risks of an AI-centric market. For others, it may signal a growing recognition that the AI sector’s rapid ascent could lead to increased volatility or even a market correction.

Goldman Sachs’ move also highlights the ongoing debate about the sustainability of AI’s market dominance. While AI stocks have delivered impressive returns, concerns about valuations, regulatory scrutiny, and the potential for technological disruption linger. The ex-AI index offers a way for investors to position themselves for a future where AI may not be the sole driver of growth.

As the financial world digests this new benchmark, all eyes will be on how it performs in the months and years ahead. Will it serve as a safe haven for investors wary of AI’s volatility, or will it underscore the enduring power of AI to shape the market? Only time will tell, but one thing is certain: the launch of the S&P ex-AI index marks a significant moment in the ongoing story of technology’s impact on global finance.

Tags and Viral Phrases:

• Goldman Sachs S&P ex-AI index
• Hedge AI exposure
• Old-economy stocks
• AI hype noise
• S&P 500 without AI
• AI enablers dominate market
• 45% of S&P 500 is AI
• S&P up 76%, ex-AI up 32%
• Goldman Sachs innovation
• Wall Street reacts to AI dominance
• Future of investing without AI
• AI market volatility hedge
• S&P Dow Jones Indices collaboration
• Non-AI stock performance
• Tech sector reshaping benchmarks
• AI bubble concerns
• Diversification in an AI world
• S&P ex-AI index exclusive
• AI stocks vs. traditional stocks
• Market trends 2026
• Goldman Sachs client tool
• AI-driven market risks
• Old-economy resurgence
• AI sector valuations
• Regulatory scrutiny on AI
• Financial innovation 2026
• AI and the future of finance

,