According to潮向 Research, a Morgan Stanley report dated October 9, 2026, noted that the S&P 500 index declined 0.5% by market-cap weighting and 5% by equal weighting in September; the top six contributing stocks collectively added approximately 190 basis points, while the remaining components collectively dragged down by about 240 basis points; the median forward P/E ratio for AI and semiconductor stocks is approximately 32x, higher than the ten-year average of about 19x.
Morgan Stanley: The equal-weight S&P 500 fell 5% in September, while the AI sector's valuation exceeds its historical average.
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Summary
On October 9, 2026, Morgan Stanley cited on-chain data in a report showing that the equal-weight S&P 500 declined 5% in September. The market-cap weighted index fell 0.5%, with the top six stocks contributing 190 basis points of growth while the rest subtracted 240 basis points. On-chain analysis reveals that AI and semiconductor stocks trade at a median forward P/E of 32x, above the 10-year average of 19x.
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