A 7TV Field Note ·

Where the AI dividend actually went.

Adjusted closing prices for 33 tickers, indexed to 100 from January 2021. Part one charts AI infrastructure concentration, decision-system winners, and narrow market leadership (NVDA vs SPY vs RSP). Part two is four before / after sector proxies — incumbents paired against the new entrants rewiring them. Sector proxies for structural change — not investment recommendations.

Tickers

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across 7 sector proxies

Trading days

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Best performer

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Worst performer

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Window

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Before / after sector proxies — not stock picks Part one is three charts on the concentration of AI value (infrastructure, decision systems, and NVDA vs SPY vs RSP narrow leadership). Part two is built as before / after sector proxies — pairing incumbents (the "before") against the new entrants competing on data, software and automation (the "after"). Every chart on this page is intended to illustrate a structural shift; they are not investment recommendations. Past performance does not predict future returns. Names that were taken private (WBA), absorbed in an acquisition (DFS → COF, May 2025), or merged into a successor entity (PARA → PSKY, August 2025) terminate at their final trading day — gaps in the lines are real, not missing data.