This is wild: The S&P 500 excluding AI names has gained +25% since the launch of ChatGPT on November 30th, 2022. This translates to a +8% compounded annual return (CAGR) over this period. By comparison, the S&P 500 as a whole, including AI names, has surged +73%, which equals a +20% CAGR. Put simply, without AI stocks, market performance would have been at least 2.5 TIMES weaker. Technology stocks are the engine of global markets.(The Kobeissi Letter)