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Investor Update

Thursday, July 23, 2026

July Charts of Interest: The Widespread Influence of AI Spending

By Charles Rotblut, CFA

Much that has been occurring in the U.S. financial markets has ties to spending on artificial intelligence (AI) infrastructure. It has helped widen leadership in the S&P 500 index, contributed to elevated long-term Treasury yields and generated local resistance to new data center construction. In this month's charts of interest, we look at those current trends and find out why historical trends give reason to be a little optimistic about the second half of 2026.

As a reminder, the charts of interest highlight charts and tables I've come across that haven't made their way into other AAII commentaries.

More Large-Cap Companies Are Beating the S&P 500

A shift has occurred in the markets: Leadership within the S&P 500 has broadened. Callie Cox of Ritholtz Wealth Management calculated that 47.3% of the stocks within the S&P 500 are beating the index's performance year to date. This is the largest percentage since the bear market of 2022.

Driving broader leadership has been a shift of investor enthusiasm away from the Magnificent Seven technology giants and into other stocks. Semiconductor and technology hardware stocks have contributed, but so have oil, healthcare services and other stocks.

What Members Are Following on AAII.com

The Put-Call Ratio: Viewing Market Sentiment Through Options Activity
During periods of fear or euphoria, the CBOE equity put-call ratio can inform your judgment by showing where sentiment may have gone too far.

Using Bond Ladders and Income Annuities for Retirement Income
A discussion of two specific tools investors can use in retirement to generate fixed cash flows and manage relevant risks.

The PRISM Wealth-Building Process: Putting It All Together
PRISM helps you develop a well-defined personalized plan for achieving your financial goals, as illustrated in the July 2026 AAII Journal.

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