November 29, 2025
Charts or it didn’t happen
The 'S&P 493' reveals a different U.S. economy
Commenters roast 'feelings-first' take as AI giants hog the spotlight
TLDR: The story claims big tech’s AI binge props up the S&P 500 while the rest lags. Commenters clap back, demanding charts and XMAG comparisons, calling the piece feelings-first and thin on data—because when retirement money rides on a few giants, the analysis better be bulletproof.
The Washington Post’s take says the S&P 500 is riding high thanks to the “Magnificent Seven” — the mega-tech crew boosted by AI spending — while the rest of the market (the so-called “S&P 493”) looks tired. Cue the comments: the top vibe is show us the receipts. One user dropped the real link and the pile-on began. jimbob45 blasted the piece as shoddy in the age of AI tools, while aeternum accused it of being “feelings instead of research.” arjie came with numbers, comparing the XMAG index (a Magnificent Seven tracker) to the S&P 500 and saying the story should have started with that head-to-head. milleramp’s mic-drop: no charts.
Behind the drama, the facts are still wild: Nvidia is up more than 1,000% since Jan 2023 (29% in 2025), Palantir doubled, Micron jumped 130%, Intel rose 70% even with layoffs. Meanwhile, smaller companies are wobbling — the Russell 2000 fell more than the S&P recently — and critics worry your retirement is now tethered to a handful of AI titans. But history nerds clapped back: markets have had dominant darlings before (railroads, the “nifty fifty,” late-’90s telecom). Memes dubbed the S&P 493 the “middle child,” and the Magnificent Seven the “Avengers vs Everyone Else.” The verdict from the crowd: dramatic story, but bring data, bring charts, bring context.
Key Points
- •The S&P 500 is up more than 12% in 2025, largely driven by the AI-focused “Magnificent Seven.”
- •Excluding the seven mega-cap tech firms (“S&P 493”) shows weaker performance, with smaller and lower-tech companies reporting soft sales and investment.
- •Nvidia has surged >1,000% since Jan 2023 and 29% in 2025; Palantir doubled YTD; Micron +130%; Vertiv +35%; Intel +70% despite layoffs.
- •Concerns over concentration risk: the Magnificent Seven account for about one-third of S&P 500 value, making the index dependent on the AI trade.
- •Small caps underperform: the Russell 2000 fell 4.5% in the past month versus ~2% for the S&P 500; many small-cap firms are unprofitable and more exposed to economic headwinds.