Goldman Sachs Launches AI-Free Index
(Saturday February 21, 2026 @11:34AM (BeauHD)
from the hedge-your-bets dept.)
Goldman Sachs has launched an "S&P ex-AI" index (SPXXAI) that [1]tracks the S&P 500 stocks not related to AI , offering investors a way to "hedge their exposure to the AI trade," reports Axios. From the report:
> "Excluding 'AI enablers' from the passive benchmark would eliminate the noise introduced by the AI hype," Louis Miller, head of the firm's equity custom basket desk, wrote in a note to clients about the new index.
>
> The ex-AI index is a compilation of all the stocks in the S&P 500 that are not related to AI, also referred to as old-economy stocks. It's available exclusively to Goldman customers, created in collaboration with S&P Dow Jones Indices.
>
> Taking all the AI out of the S&P doesn't leave much behind, as AI companies make up ~45% of the index, according to the note. Over the last three years, the S&P 500 is up 76%. The ex-AI index is only up 32% in that same time period.
[1] https://www.axios.com/2026/02/20/ai-goldman-sachs-stocks-index
> "Excluding 'AI enablers' from the passive benchmark would eliminate the noise introduced by the AI hype," Louis Miller, head of the firm's equity custom basket desk, wrote in a note to clients about the new index.
>
> The ex-AI index is a compilation of all the stocks in the S&P 500 that are not related to AI, also referred to as old-economy stocks. It's available exclusively to Goldman customers, created in collaboration with S&P Dow Jones Indices.
>
> Taking all the AI out of the S&P doesn't leave much behind, as AI companies make up ~45% of the index, according to the note. Over the last three years, the S&P 500 is up 76%. The ex-AI index is only up 32% in that same time period.
[1] https://www.axios.com/2026/02/20/ai-goldman-sachs-stocks-index