Have AI-related companies driven stock gains since the launch of ChatGPT?

YES. Though it is difficult to quantify the exact degree to which AI-related stocks have contributed to stock gains, analyses have found it is a key driver.  A September 2025 J.P. Morgan report noted that since the launch of ChatGPT (November 2022), AI-related stocks had been responsible for 75% of S&P 500 returns and 80% of earnings growth. Furthermore, according to RBC Wealth Management, seven AI-oriented stocks represented over half of the S&P 500's total gains during 2025. 

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