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Visual Capitalist: Winners And Losers In U.S. Stocks Over The Last Year

January 14, 2026

Winners and Losers in U.S. Stocks Over the Past Year

The U.S. stock market delivered another strong year, marking the S&P 500’s third consecutive year of gains above 15%. However, performance across sectors and individual stocks varied widely. While some industries benefited from artificial intelligence, higher interest rates, and global demand, others struggled to keep pace.

Below is a breakdown of the key winners and underperformers in U.S. equities over the last 12 months, using market data through early January 2026.

Top Market Winners

Technology & AI Leaders

One of the standout stories of the year was the resurgence of large-cap technology companies tied to artificial intelligence. Alphabet (Google) led the way, significantly outperforming other mega-cap peers. Strong results showed that AI-enhanced search and advertising strengthened its core business rather than disrupting it. Increased user engagement, improved ad pricing, and continued innovation helped drive investor confidence.

Banks

Large diversified banks posted solid gains as multiple profit engines aligned. Higher interest rates supported net interest margins, while capital markets activity and consumer banking remained resilient. Their size and diversification helped offset challenges in areas such as commercial real estate.

Semiconductors

Chipmakers benefited from the global push to expand AI infrastructure and data centers. Strong demand for advanced processors and memory products fueled gains across the sector. Memory manufacturers, in particular, saw explosive growth as pricing and demand for high-bandwidth memory surged.

Aerospace & Defense

Ongoing geopolitical tensions and rising defense spending supported strong order backlogs for aerospace and defense companies. Long-term government contracts provided revenue visibility, lifting stock performance across the sector.

Gold & Mining

Gold-related equities performed well as precious metal prices reached record highs. Central bank purchases, geopolitical uncertainty, and expectations for easier monetary policy boosted margins and cash flow for mining companies.

Market Laggards

Real Estate (REITs)

Higher interest rates continued to pressure real estate investment trusts. Elevated borrowing costs and softer office and commercial property demand weighed on valuations. That said, healthcare-focused REITs showed relative resilience compared to the broader sector.

Non-AI Software Companies

Software firms without clear AI monetization strategies lagged behind. Investors favored companies with immediate AI-driven revenue potential, rotating away from higher-valuation growth stocks with slower earnings momentum.

Oil & Gas (Upstream)

Energy producers underperformed as commodity prices stabilized and production growth limited upside. Investors increasingly prioritized capital discipline and shareholder returns over aggressive expansion.

Consumer Staples

Despite expectations that defensive stocks would outperform amid uncertainty, easing inflation and steady economic growth shifted consumer spending toward discretionary categories instead.

Payments & Fintech

Select payment-processing firms struggled after earnings disappointments and margin pressure from rising costs and increased competition, highlighting the challenges within parts of the fintech space.

Looking Ahead

The past year reinforced how important sector exposure and innovation trends can be for portfolio performance. As markets move into 2026, investors will be watching how AI adoption, interest rate policy, and global economic conditions continue to shape market leadership.

Read Full Article: https://www.visualcapitalist.com/winners-losers-us-stocks-2025/

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