"Red and black list" of S&P 500 Index components in 2025: Storage giants lead the way, while consumer and retail stocks lose their luster.

The bull market in US stocks has entered its third year driven by the artificial intelligence (AI) boom, with the S&P 500 index expected to end 2025 with a gain of over 17%. The AI investment theme has broadened this year, with chip stocks once again leading the S&P 500 index and stocks of companies related to AI data center construction also joining the ranks of the top performers. With the global AI infrastructure construction entering a boom period, the storage industry is experiencing a "super cycle," with the performance of related stocks ranking at the top of the S&P 500 index. On the other hand, the economic uncertainty brought by US President Trump's tariff policy has weighed down consumer stocks, while the performance of healthcare stocks has struggled due to policy uncertainty and drug price pressures. Here are some of the biggest winners and losers in the US stock market this year. Winners Tech stocks, especially those related to AI, once again dominated the US stock market this year. Several companies in the storage industry outperformed, with SanDisk (SNDK.US), Western Digital Corporation (WDC.US), Micron Technology, Inc. (MU.US), and Seagate Technology Holdings PLC (STX.US) topping the S&P 500 index in terms of gains, with increases of 585%, 292%, 249%, and 231% respectively. The core logic is that AI servers require far greater storage capacity and bandwidth than regular servers. Additionally, the industry's capacity has shifted towards high-end storage products (such as HBM), squeezing the capacity of traditional storage products and causing prices to rise across the entire storage industry. Palantir (PLTR.US) saw an increase of 139% this year, likely achieving triple-digit percentage gains for the third consecutive year. This software developer, benefiting from the AI boom, is favored by retail investors, but its stock is currently quite expensive, with a forward P/E ratio exceeding 180, making it the third most expensive component stock in the S&P 500 index, only behind Tesla, Inc. (TSLA.US) and Warner Brothers Discovery (WBD.US). Speaking of Warner Brothers Discovery, this media giant's stock price surged this year on acquisition news, with an increase of nearly 174%. The company officially started the sale process in October, with two major biddersNetflix (NFLX.US) and Paramount Skydance (PSKY.US)currently competing. The latest news is that Warner Brothers Discovery plans to reject Paramount Skydance's revised acquisition offer again. Warner Brothers Discovery had previously rejected an offer from Paramount Skydance, believing it to be inferior to Netflix's proposal. In 2025, several stocks were added to the S&P 500 index, including Robinhood (HOOD.US), SanDisk, AppLovin (APP.US), and Carvana (CVNA.US), all of which achieved triple-digit percentage gains in the year, placing them in the top 20 performers of the S&P 500 index. Of course, not every stock added to the S&P 500 index this year performed well. Trade Desk (TTD.US) dropped nearly 68% this year, making it the worst-performing component stock in the S&P 500 index. Block (XYZ.US) and Coinbase (COIN.US) also performed poorly, with declines of 23% and 7% respectively. Losers Economic uncertainty, tariffs, and concerns about the health of US consumers amid slow inflation have weighed down consumer stocks, especially some major essential consumer goods companies. Clorox Company (CLX.US), Lamb Weston (LW.US), Campbell Soup Company (CPB.US), and Constellation Brands (STZ.US) all ranked among the worst 25 performing stocks in the S&P 500 index. Casual dining brand Chipotle Mexican Grill (CMG.US) fell by nearly 39% this year after achieving double-digit percentage increases in 2023 and 2024. The same economic uncertainty also impacted the stocks of some retail companies. Deckers Outdoor (DECK.US), owner of brands like Hoka and Ugg, fell by nearly 50% in 2025, ending a nine-year streak of gains, as the stock was hit hard by weak earnings forecasts and analyst downgrades. Health insurance stocks also performed poorly in 2025, despite market expectations that the sector would benefit from the policy shift under the Trump administration. Molina Healthcare (MOH.US) fell by over 40%, marking the second consecutive year of double-digit declines. UnitedHealth Group Incorporated (UNH.US) and Centene (CNC.US) both saw declines of over 30%, placing them among the worst 25 stocks in the S&P 500 index. However, there are signs of hope for health insurance stocks, as some investors believe that the currently depressed valuations are attractive and these stocks may rebound soon. Michael Burry, the real-life figure from the movie "The Big Short," has expressed bullish views on Molina Healthcare, indicating that if the company's valuation remains low, it could be a takeover target in 2026.