Bloomberg Surveillance · Monday, August 10, 2026
John Gottlib stated that the AI theme is a significant driver, encompassing over 50% of the S&P 500 when considering direct tech companies, power generation, and supporting infrastructure. He noted that emerging markets like Taiwan and Korea are plays on this theme, while Europe is notably absent and is falling behind in earnings growth. Gottlib emphasized that the AI theme extends beyond just chip manufacturers to a broad range of industries.
“If you look at the entire tech related basket, because you know, Google is considered a communications company and Amazon is considered a consumer company, if you take that basket, it's over four five percent of the SMP.”
“But then you have to add the power generation companies and the companies that make refrigeration and all of the things that go into that process. You're talking about well over fifty percent of the market is part of this theme.”
“Europe's not a play on this on this theme, and they're kind of getting left behind in terms of earnings growth.”