Today, 218 companies – more than two in every five S&P 500 constituents – have a meaningful connection to the AI economy. This does not mean that fewer than half of the S&P 500 use artificial intelligence. Similarly, AI Infrastructure Suppliers (Pick-and-Shovel) and AI Infrastructure & Data Centres now comprise 60 companies, highlighting how AI has become as much a story about physical infrastructure as software. MethodologyThe analysis covers all 503 constituents of the S&P 500 Index as of July 2026. Companies were classified into one of eight categories based on their primary role within the AI value chain: AI Chips & Hardware Suppliers, AI Cloud & Model Providers, AI Software & Applications, AI Security & Trust Layer, AI Infrastructure & Data Centres, AI Infrastructure Suppliers (Pick-and-Shovel), AI Energy & Power Infrastructure and AI Adopters.