AI Stocks Drive S&P 500 Gains, Nvidia, Microsoft Top $4T

Key Takeaways

• The AI bull market since October 2022 has added nearly $40 trillion in market value, with Nvidia, Microsoft, Apple, and Alphabet each surpassing $4 trillion.
• Just 42 AI stocks drove 67% of S&P 500 gains since 2024, raising concentration concerns similar to the dot-com bubble era.
• Bloom Energy expanded its Oracle partnership to 2.8 gigawatts while Vertiv works with Nvidia and expands its Ohio factory for AI infrastructure.
• Cerebras signed a multi-year deal with OpenAI to deploy 750 megawatts of compute capacity and powers the Ultrafast mode for GPT-5.6 Sol.
• SpaceX agreed to buy $8 billion in low-band spectrum from Grain Management, giving Starlink a path into mobile markets and shaking telecom stocks.
• DeepSeek is leading a $400 million seed round for robotics startup Winverse AI and is close to raising at least 80 billion yuan for its own market debut.
• The UK is preparing compulsory AI safety reporting rules requiring companies to build safeguards against autonomous AI accidents.
• A NordVPN study found 74% of Americans could not identify a fake URL and 82% failed to spot a fake CAPTCHA, highlighting growing AI scam risks.
• SentinelOne expects revenue of $1.8 billion and earnings of $213.5 million by 2029 while expanding its Singularity AI SIEM platform beyond endpoint protection.
• DCX invested $4 million in Whales AI for an AI-powered STEM robotics platform, holding exclusive North American commercialization rights with a 60-40 revenue split.

Four-year AI bull market adds $40 trillion and may keep going

An AI investment boom started in October 2022 and has added nearly $40 trillion in market value. The S&P 500 has risen about 120% and the Nasdaq over 165% during this period. Nvidia, Microsoft, Apple, and Alphabet each reached a market value of at least $4 trillion. Experts believe the bull market may still be only halfway through its typical eight-year cycle.

42 AI stocks drive 67% of S&P 500 gains since 2024

Just 42 AI stocks have generated 67% of the S&P 500's price return since the start of 2024. These stocks also drove 58% of the index's earnings growth and 81% of its capital spending and research growth. The remaining 458 stocks contributed only 11 percentage points of the index's total gain. Only 29% of stocks have outperformed the S&P 500 over the past three years, a level close to the dot-com bubble low.

42 AI stocks dominate S&P 500 performance since 2024

A small group of 42 AI stocks controls most of the S&P 500's gains, earnings growth, and investment spending. These companies contributed 22 of the index's 33 percentage points of return since 2024. They also accounted for 81% of capital expenditure and research and development growth. The narrow focus on AI stocks is approaching levels last seen during the 2000 dot-com bubble.

Bloom Energy vs Vertiv: Which AI infrastructure stock is the better buy

Bloom Energy and Vertiv are two key players in AI infrastructure beyond chips and software. Bloom Energy provides fuel cell systems for data centers and expanded its Oracle partnership to support up to 2.8 gigawatts of capacity. Vertiv focuses on cooling systems and is working with Nvidia on power systems while expanding its Ohio factory. Vertiv also plans to acquire UtilityInnovation Group to broaden its capabilities.

Cerebras Systems: The little-known chip supplier powering AI speed

Cerebras Systems is a lesser-known chipmaker building large processors designed for AI workloads. It signed a multi-year deal with OpenAI to deploy 750 megawatts of compute capacity through 2028. Cerebras also powers the Ultrafast mode for OpenAI's GPT-5.6 Sol, delivering up to 750 output tokens per second. Its new CS-4 system aims to double the speed of its predecessor.

AI spending slowdown and Starlink spectrum deal shake markets

Markets faced a reality check on AI spending as investors questioned when data center investments will turn a profit. Oracle and Broadcom fell sharply on concerns about funding and revenue timelines. SpaceX agreed to buy $8 billion in low-band spectrum from Grain Management, giving Starlink a path into mobile markets. T-Mobile fell 13.2% while Verizon and AT&T each dropped about 10% on fears of satellite competition. The Nasdaq still finished higher, helped by Apple, Nvidia and Meta.

SentinelOne AI SIEM platform wins CyberSecurity award

SentinelOne's Singularity AI SIEM platform won the SIEM Solution of the Year award in the 2026 CyberSecurity Breakthrough Awards. The recognition supports SentinelOne's push to expand beyond endpoint protection into cloud, identity and security data hubs. The company aims to grow revenue around 14.4% per year while turning its platform into a broader enterprise security tool. SentinelOne still faces margin pressure and depends on partners like AWS. The company expects revenue of $1.8 billion and earnings of $213.5 million by 2029.

DCX invests $4 million in Whales AI STEM robotics platform

Digital Currency X Technology Inc. signed a strategic investment and exclusive commercialization agreement with Whales AI Limited. DCX will invest $4 million initially to help develop and localize an AI-powered STEM education robotics platform in North America. DCX holds exclusive rights to market and operate the platform in North America. Revenue will be split 60% to DCX and 40% to Whales AI. Additional investments of up to $16 million may follow based on platform development.

UK ministers plan compulsory AI safety reporting rules

UK Technology Minister Kanishka Narayan is set to require companies to exercise stricter control over autonomous AI models. The new rules will push firms to build safeguards that prevent AI accidents. The exact details remain unclear but experts expect a major impact on AI development and deployment. The UK government has been working with industry leaders to create a framework for responsible AI. The rules are expected to be announced in the coming weeks.

AI scams grow more convincing, experts warn

AI scams are becoming harder to detect because technology can now copy voices, faces and documents convincingly. A NordVPN study found 74% of Americans could not identify a fake URL and 82% failed to spot a fake CAPTCHA pop-up. Nearly half of those surveyed rated their cybersecurity confidence as high despite these gaps. Experts advise checking web addresses carefully, using unique passwords and enabling multifactor authentication. If you click a suspicious link, change passwords immediately and run a security scan.

Mint All About AI Tech4Good Awards returns for third edition

The third edition of the Mint All About AI Tech4Good Awards is now open for nominations, sponsored by Salesforce. The awards recognize people who use AI to solve real world social problems and can prove their impact. The awards started in India in 2024 with over 100 nominations and expanded to South-East Asia in 2025 with nearly 300 nominations. In 2026, the awards plan to grow into a wider platform on responsible AI in Asia with five aims including celebrating impactful AI work and bringing together policymakers, companies, start-ups and academics. BCG is the knowledge and process partner.

Guernsey data watchdog warns businesses to make AI use safe

Guernsey's data protection authority is telling businesses to make sure their use of AI is safe and secure. Brent Homan, commissioner for the Office of the Data Protection Authority, said businesses cannot outsource their accountability for protecting client data even if they use third parties. He said it is important for companies to have good contracts and check the security of outside groups they work with. Matt Palmer, director of Guernsey and Jersey's cyber security centres, said AI is here to stay and his organisation is working to put the right AI controls in place. He added that careful testing and good controls can help manage many of the risks.

DeepSeek to lead $400 million seed round for robotics startup Winverse AI

DeepSeek is set to lead a $400 million seed round for Winverse AI, a stealth Chinese startup building AI for robots. The round will also include funding from DeepSeek's own recent fundraising of over $12 billion, and other investors like Meituan's Long-Z Investments. Winverse was founded in 2026 by Hu Han, a former Tencent scientist with a PhD from Tsinghua University who previously led vision-language and embodied foundation model teams. The investment would extend DeepSeek's presence in robotics beyond financial stakes. DeepSeek is close to raising at least 80 billion yuan in its latest funding round ahead of a planned market debut in early 2027.

Sources

• Four years in, $40 trillion up: Why this AI-fueled bull market has room to run
• 'AI is all that matters': How 42 artificial intelligence stocks drive 67% of S&P 500 gains since 2024
• 'AI is all that matters': How 42 artificial intelligence stocks drive 67% of S&P 500 gains since 2024
• Bloom Energy vs. Vertiv: Which AI Infrastructure Stock Is the Better Buy After the Pullback?
• Not Nvidia. Not Broadcom. This Little-Known Chip Supplier Could Be the AI Boom's Best-Kept Secret.
• Weekly Market Wrap: AI spending hit a reality check — and Starlink rewrote the telecom trade
• How Investors Are Reacting To SentinelOne (S) AI SIEM Award Win
• Digital Currency X Technology Enters Strategic Investment and Exclusive Commercialization Agreement with Whales AI for AI STEM Robotics Platform
• UK ministers explore compulsory AI safety reporting
• AI scams are getting harder to spot. Here’s how to protect yourself
• AI for Good: Mint All About AI Tech4Good Awards is back for a third edition
• Make sure use of AI is safe, Guernsey data watchdog warns
• DeepSeek is moving to lead a $400 million seed round for a Chinese robotics AI startup