The “red and black list” of constituent stocks in the 2025 S&P 500 index: the big four storage companies dominate consumer spending, and retail stocks are overshadowed

The Zhitong Finance App learned that the US stock bull market has entered its third year, driven by the artificial intelligence (AI) boom, and the S&P 500 index is expected to end 2025 with a rise of more than 17%. The AI investment theme has broadened this year. Chip stocks have once again led the S&P 500 index, and stocks of companies related to AI data center construction have also joined the leading ranks of this benchmark stock index. As global AI infrastructure construction enters a period of explosion, the storage industry ushered in a “supercycle”, and the performance of related stocks ranked high in the S&P 500 index. On the other hand, economic uncertainty brought about by US President Trump's tariff policy dragged down consumer stocks, while the performance of healthcare stocks struggled for a while due to policy uncertainty and pressure on drug prices.

Here are some of the biggest winners and losers in US stocks this year.

winner

Technology stocks, especially AI-related stocks, once again dominated the US stock market this year. The “Big Seven” in the US stock market still performed well this year, but several companies in the storage industry performed even better. SanDisk (SNDK.US), Western Digital (WDC.US), Micron (MU.US), and Seagate (STX.US) topped the S&P 500 “growth list”, with increases of 585%, 292%, 249%, and 231% respectively during the year. The core logic is that, on the one hand, AI servers require far more storage capacity and bandwidth than ordinary servers. On the other hand, the industry's production capacity is skewed towards high-end storage products (such as HBM), squeezing the production capacity of traditional storage products, thus triggering a wave of price increases in the entire storage industry.

Palantir (PLTR.US) rose 139% during the year, and is likely to achieve a three-digit percentage increase for the third year in a row. This software developer, which has benefited from the AI boom, is favored by retail investors, but at the same time, the stock is currently quite expensive, with a forward price-earnings ratio of over 180 times. It is the third-most expensive constituent stock in the S&P 500 index, after Tesla (TSLA.US) and Warner Bros. Exploration (WBD.US).

Referring to Warner Bros. Exploration, the media giant's stock price soared this year due to acquisition news, and the increase was close to 174% during the year. The company officially launched the sale process in October, and two major bidders — Netflix (NFLX.US) and Paramount Sky Dance (PSKY.US) — are currently competing. The latest news is that, according to people familiar with the matter, Warner Bros. Exploration once again rejected Paramount Tianmu's revised takeover offer. Warner Bros. Explore had previously rejected the offer proposed by Paramount Sky Dance, arguing that it was inferior to the plan proposed by Netflix.

In 2025, several stocks were included in the S&P 500 index, including Robinhood (HOOD.US), SanDisk, AppLovin (APP.US), and Carvana (CVNA.US). All four stocks achieved three-digit percentage increases during the year, ranking among the top 20 performing components of the S&P 500 index. Of course, not every stock included in the S&P 500 index this year performed well. Trade Desk (TTD.US) fell nearly 68% during the year, making it the worst performing component of the S&P 500 index this year. Block (XYZ.US) and Coinbase (COIN.US) also underperformed, falling 23% and 7% respectively during the year.

loser

Economic uncertainty, tariffs, and concerns about the health of American consumers in the context of slowly rising inflation are dragging down consumer stocks, particularly some major consumer goods companies. Clorox (CLX.US), Lamb Weston (LW.US), Jinbao (CPB.US), and Constellation Brands (STZ.US) are among the 25 worst performing constituent stocks in the S&P 500 index. The casual fast food brand Chipotle Mexican Grill (CMG.US) dropped nearly 39% this year after achieving double-digit percentage increases in both 2023 and 2024.

The same economic uncertainty has also impacted the stocks of some retail companies. Deckers Outdoor (DECK.US), which owns brands such as Hoka and Ugg, fell nearly 50% in 2025, ending nine consecutive years of upward momentum. The stock was hit hard by weak profit forecasts and downgraded ratings by analysts.

Health insurance stocks also underperformed in 2025, although the market had expected the sector to benefit from the Trump administration's policy shift. The share price of Molina Healthcare (MOH.US) fell by more than 40%, showing a double-digit decline for the second year in a row. United Health (UNH.US) and Centene (CNC.US) both declined by more than 30% during the year, making them among the 25 worst performing stocks in the S&P 500 index.

However, there are still signs of hope for health insurance stocks, as some investors see the current undervaluation as attractive, and these stocks may be about to rebound. Michael Burry (Michael Burry), the prototype character in the movie “The Big Short,” once said that he did more Molina Healthcare and thought that if the company's valuation remained so low, it would become an acquisition target in 2026.