The number of ‘negative-beta' stocks in the S&P 500 just hit a new record high. What that means for investors.

MarketWatch reports that the S&P 500 now has a record-high number of “negative-beta” stocks, with 121 names trading inversely to the index over a rolling six-month period, the highest since 1990. Evercore ISI says this reflects unusually high dispersion beneath the surface of the market, as investors split capital between AI-linked winners and non-AI or defensive laggards. The article frames the development less as a warning of an imminent AI bubble pop and more as evidence of broad internal diversification within the index. Evercore’s Julian Emanuel remains constructive on U.S. equities and still sees the S&P 500 reaching 9,000 within 12 months versus Monday’s 7,745 close. The piece highlights that the record level of negative-beta stocks suggests stock-picking opportunities may be strong even if the headline index appears stable.