These Stocks Are the Market’s Biggest Winners and Losers in 2025

(Bloomberg) — The S&P 500 Index is poised to end 2025 up more than 17% as the bull market continues for a third year driven by enthusiasm for artificial intelligence.

The AI trade broadened out this year, as chip stocks again led the S&P 500 but were joined by the shares of companies tied to building the data centers that will power the technology. Three of the index’s top 10 performers in 2025 were data storage companies, which are among the main beneficiaries of the hundreds of billions of dollars in pledged spending by the giant AI cloud service providers known as hyperscalers.

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On the flip side, economic uncertainty from President Donald Trump’s sweeping tariffs weighed on the shares of consumer companies, while health-care stocks struggled with uncertainty surrounding the administration’s policies and pressure on drug prices.

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

Technology stocks, especially those tied to AI, again dominated the market. But leadership shifted to the shares of companies associated with data — from storage to the building, heating and cooling of data centers. Hyperscalers like Microsoft (MSFT) Corp., Amazon.com (AMZN) Inc., Alphabet (GOOG) Inc. and Meta Platforms (META) Inc. have pledged to spend more than $440 billion over the next 12 months to build out AI capabilities, benefiting firms such as Sandisk (SNDK) Corp., Western Digital (WDC) Corp. and Seagate Technology Holdings Plc (STX), which were three of the four best performing stocks in the S&P 500.

A slew of companies were added to the S&P 500 in 2025, including Robinhood (HOOD) Markets Inc., Sandisk, AppLovin (APP) Corp. and Carvana (CVNA) Co., all of which posted triple-digit percentage gains and landed among the top 20 performers in the index.

Of course, not every stock that joined the S&P 500 got a boost. Trade Desk (TTD) Inc. shares were the worst performers in the index with a nearly 70% loss, while Block (XYZ) Inc. tumbled more than 20% and Coinbase (COIN) Global Inc. sank more than 6%.

Palantir (PLTR) Technologies Inc. shares are set to notch a triple-digit gain for the third year in a row. The software developer got a boost from AI enthusiasm and strong buy-in from retail traders who are drawn to the company’s outspoken Chief Executive Officer Alex Karp.

But the stock is now rather pricey. With a multiple of more than 180 times forward earnings, it’s the third most expensive member of the S&P 500 behind Tesla Inc. and Warner Bros. Discovery Inc.