The Point for North America

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The Point for North America

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Wednesday, 29 July 2026

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US Equity Strategy - AI’s Subtle S&P 500 Impacts

Our “cluster” approach to aligning the S&P 500 per Growth, Cyclical and Defensive North America - Road Ahead 2H26

components sets up for several important index considerations. First, historic

economic sensitivity has diminished for now but could resurface later as a function

of the AI influence. Second, the increasing Growth cluster weight implies higher

beta but shows up more at the stock-specific level than at the index level. Third, a

valuation regime change needs to be acknowledged whereby historic compares

may be misleading. Overall, the underlying AI influence on US equities is testing

conventional investment perspectives and related asset allocation decisions.

Scott T Chronert | Patrick Galvin, CFA

S&P 500 Index Weight in High Beta Stocks is Cluster Rolling Betas to Equal Weight S&P 500

Growing

35%

1.40

500 Index Weight with a Beta >1.5 30% S&P

S&P 500 Index Weight with a Beta >2 1.20

25% 1.00

0.80

20%

0.60

15%

0.40

10% 0.20

5% 0.00

0% S&P 500 Growth Cluster 5YR Monthly Rolling Beta to Equal Weight S&P 500

S&P 500 Cyclicals Cluster 5YR Monthly Rolling Beta to Equal Weight S&P 500

S&P 500 Defensives Cluster 5YR Monthly Rolling Beta to Equal Weight S&P 500

Seagate Technology Holdings PLC (STX.N) - Beat & Raise, Better Pricing and

HAMR Ramp Accelerating To Drive Improved Profitability; Maintain Buy

STX shares traded up ~6% after market close on better-than-expected results and

guide. Seagate again upsided high-end of guidance for all topline/OM/EPS on

continued strong pricing, favorable mix, HAMR adoption.