Fact Brief

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.

The North Dakota News Cooperative is partnering with Gigafact to produce timely Fact Briefs, which are quick, evidence-based fact checks about trending claims relevant to North Dakota.

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.

Beyond stock gains, the St. Louis Federal Reserve estimated AI capital expenditures accounted for 39% of total GDP growth in 2025. However, Goldman Sachs’ chief economist argues that since much of AI investment was spent on imported inputs, they had a negligible impact on economic growth in 2025. An MRB analysis found accounting for imports, AI-related investments only contributed between 20% and 25% of 2025 real GDP growth.

This fact brief was originally published by Keshav Srikant at our Gigafact partner, Econofact. See a full discussion of this at Econofact

This fact brief is responsive to conversations such as this one.

About Fact Briefs:

Fact Briefs are bite-sized, well-sourced explanations that offer clear "yes" or "no" answers to questions, confusions, and unsupported claims circulating online. They rely on publicly available data and documents, often from the original source. Fact Briefs are written and published by newsrooms in the Gigafact network. Each brief is limited to 150 words or fewer and is not intended to provide an in-depth analysis, but rather to deliver concise, definitive answers grounded in verified information.

Sources

J.P. Morgan Eye on the Market: The Blob: Capital, China, Chips, Chicago and Chilliwack
RBC Wealth Management US Equity Returns in 2025: Record-breaking Resilience
St. Louis Federal Reserve Tracking AI’s Contribution to GDP Growth
Yahoo Finance Top Goldman Sachs economist says AI barely had any effect on the US economy
The Tech Buzz AI Spending Contributed Just 20% to US GDP Growth in 2025

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