SPY•Six major AI stocks represent about 26.5% of SPY and contributed about 1.4 percentage points to its 4.4% decline on Thursday. Nvidia accounts for 7.3% of SPY, while four major AI infrastructure buyers plan about $730 billion in capital spending in 2026.
Six major AI stocks represent about 26.5% of SPY and contributed about 1.4 percentage points to the fund’s 4.4% decline on Thursday. Nvidia alone accounts for 7.3% of SPY, creating indirect exposure for investors who also hold its shares directly.
The four largest AI infrastructure buyers plan about $730 billion in capital spending in 2026, leaving chip suppliers vulnerable to spending cuts. Nvidia generated $127 billion in free cash flow over the past 12 reported months, exceeding the four buyers’ combined total.
