S&P 500 Equal Weight hits an all-time high as the AI trade unwinds
As seen on the 24/7 Wall St. homepage on November 5, 2026.
Money leaving AI megacaps is rotating into the rest of the market: the average S&P 500 name just set a record while chip leadership unwinds.
As the AI trade has collapsed, the S&P 500 Equal Weight index $RSP made a new all-time high yesterday. https://t.co/paRFxWR3QV
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The equal-weight index reaching a record is a meaningful signal about where money is actually going. When every company in the S&P 500 carries the same weight, a new high means the broad base of the market is lifting.
The cap-weighted S&P 500 has long been pulled by a small cluster of AI-linked megacaps, so an equal-weight record arriving precisely as the AI trade collapses suggests the rotation out of chip leadership is finding a home across the rest of the index.
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For investors who have been concentrated in the names that led the AI rally, this is the moment to consider what a broadening market rewards. Sector leadership shifting from a narrow cohort to the average S&P 500 name tends to favor diversified exposure over momentum-chasing.
Bespoke flagged this dynamic on November 5, noting the new all-time high posted the prior session. The replies the post drew suggest the observation is generating real debate among market watchers as consensus gets reshuffled.
Mentioned: RSP