AI stocks are massively outperforming the global market: The Bloomberg Global AI index has surged +118% since the start of 2024, to near its all-time high. At the same time, the MSCI World Index has risen +57%, underperforming by 61 percentage points. By comparison, the MSCI Emerging Market Index has soared +70% over this period, to near its all-time high. Since the start of 2024, AI stocks have generated an average annualized return of +38%, double the +19% annualized return of global equities over the same period. The AI index has also significantly outperformed emerging markets, which have delivered an annualized return of +23%. AI stocks have left the rest of the global market far behind.