Dec. 31 at 1:27 AM
In 2024, the broad market index rallied 23%. As of Tuesday’s close, in 2025, the S&P 500 is up more than 17%, and on the cusp of all-time highs.
Still, the AI narrative fractured somewhat this year, as the rally started to broaden out to other sectors, and even performance among the so-called Magnificent Seven stocks bifurcated. Alphabet
was the big winner among the megacaps, up more than 65% year to date, as investors bet the search giant could edge out OpenAI. Amazon
was the laggard, gaining roughly 6%.
What’s more, many asset classes outside the megacaps started to outperform. Commodities had an especially good year, with gold
up more than 66%, and silver
higher by more than 165%.
$SI_F $AMZN $QQQ