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The S&P 500 has gained roughly 13.5% since the start of the year, adding approximately $9 trillion in market capitalization.
However, excluding AI-related stocks, the US equity market has slightly lagged the European STOXX 600 index, which rose about 5.6% over the same period.
An index of "old economy" companies that excludes AI names has gained just 5.5% since January 1.
BNP Paribas economists James Egelhof and Andrew Husby noted in a client note that the European bloc likely missed out on the AI investment boom.
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