S&P ex-AI & energy: down YTD
Apollo's chief economist Torsten Slok found that if you back out AI-related and energy companies from the S&P 500, the rest of the index is down for the year.
Snapshot · Excess Returns
The 100 Year Thinkers: Chris Mayer on SpaceX, AI Reckoning, and Why Early Is Overrated
Explore episode
Jun 27, 2026
Where this was said
Corporate governance, free float and shareholder rights
At 33:10 · chapter starts 29:43
Mayer dissects SpaceX's governance: Musk controls the board, shareholders can't sue him, and S&P inclusion rules around profitability and free float reflect broader governance principles. [1] — Chris Mayer "SpaceX's IPO structure gives Musk full board control and prohibits shareholder lawsuits. For a long-term investor, that's a governance nigh…" 32:20
SpaceX's Governance: You're Just Along for the Ride
SpaceX's IPO structure gives Musk full board control and prohibits shareholder lawsuits. For a long-term investor, that's a governance nightmare — unless you trust the person completely. Most people obviously decided they did.
The S&P 500's Dirty Secret: Most Stocks Are Down
Apollo's Torsten Slok found that if you remove the roughly 84 AI-related and energy companies from the S&P 500, the rest of the index is down year-to-date. The headline number is hiding a deeply lopsided market.
84 AI-related companies in S&P 500
Apollo's Torsten Slok identified approximately 84 AI-related companies in the S&P 500, including semiconductor companies, that have driven much of the index's gains.
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