Goldman Sachs Launches AI-Free Index

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by BeauHD

February 21, 2026

AI-Generated Deep Dive Summary

Goldman Sachs has introduced the "S&P ex-AI" index (SPXXAI), a new investment tool designed to track S&P 500 stocks excluding those related to AI. This innovative index offers investors an opportunity to hedge their exposure to the booming AI sector, which currently accounts for about 45% of the S&P 500's value. By focusing on "old-economy" or non-AI related companies, the index aims to reduce the volatility and hype-driven noise often associated with AI investments. The ex-AI index is a collaboration between Goldman Sachs and S&P Dow Jones Indices, available exclusively to Goldman customers. It includes all S&P 500 stocks that do not derive significant revenue or innovation from AI technologies. This approach reflects a growing demand for alternative investment strategies in the tech-driven market landscape. Louis Miller, head of Goldman's equity custom basket desk, explained that excluding AI "enablers" from the index helps investors focus on more stable, long-term growth opportunities. Over the past three years, the S&P 500 has surged by 76%, with a significant portion of this growth attributed to AI-related companies. In contrast, the ex-AI index has seen a more modest increase of 32% during the same period. This performance difference highlights the potential risks and rewards of investing in AI-driven markets versus traditional sectors. For investors seeking diversification or looking to mitigate exposure to AI's rapid fluctuations, the ex-AI index provides a unique alternative. The launch of the SPXXAI underscores the evolving nature of tech investments and the growing need for balanced portfolios. While AI continues to dominate headlines and drive significant returns, the ex-AI index offers a counterpoint by focusing on established industries that are less susceptible to speculative trends. This tool aligns with

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Originally published on Slashdot on 2/21/2026