Goldman Sachs data shows that the S&P 500 index, excluding AI stocks, has performed on par with the traditional S&P 500 index year-to-date, as investors shift funds towards defensive sectors.

According to CNBC, Goldman Sachs' proprietary "ex-AI" S&P 500 index rose 12.4% as of October 22, slightly outperforming the S&P 500's 12% gain over the same period, with both now performing equally. Technology and AI-related companies account for approximately 45% of the S&P 500, but this sector has fallen about 7% this month. Investors are moving into defensive areas, with defensive ETFs in consumer staples, healthcare, and utilities all rising 7% to 10% this month, and the energy sector also up 10%. Oppenheimer technical analyst Ari Wald suggests focusing on non-AI related companies, such as business services and insurance, for diversification and to mitigate tech stock risk. Berkshire Hathaway's Class B shares rose 8% this month, and its diversified portfolio may help it maintain an advantage when the tech sector drags down the broader market.