Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York City on October 19, 2026.

Angela Weiss | Afp | Getty Images

A version of the S&P 500 without AI briefly pulled ahead of the traditional index this year and is now neck-and-neck as investors rotate into other areas of the market.

A proprietary Goldman Sachs index tracking the S&P 500 without stocks classified as "AI enablers" was up 12.4% through Oct. 22, edging ahead of the standard S&P 500's 12% gain. The Goldman index is now neck-and-neck with the S&P 500 as tech rallied in Monday trading.

Tech and AI-related companies make up about 45% of the S&P 500 . That heavy weighting has helped power the index for years, but it's turned into a liability lately; the S&P 500 tech sector is down about 7% this month while other sectors have held up.

Investors have soured on debt and equity issued by companies like CoreWeave and Oracle .…