• Homrich & Berg flagged AI as the dominant driver of US equities as April–May gains reversed in June–July.
• Since the June 2 peak, the average AI stock fell 14.4% while the average non-AI stock rose 5%; the market fell 2.6% cap-weighted.
• On an equal-weight basis, the S&P 500 rose 3.2% since June 2; it rose 5% excluding 45 AI-focused stocks.
• The note expects decelerating AI earnings momentum to cap large-cap US returns, with improving non-AI earnings helping offset the drag.
• AI-linked net income is projected at USD 1.3 trillion in 2026, or 41.1% of S&P 500 income, rising to USD 1.6 trillion in 2027.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Homrich & Berg Inc published the original content used to generate this news brief on July 30, 2026, and is solely responsible for the information contained therein.