US Stock Market Winners and Losers in 2025

The S&P 500 Index posted its third consecutive year of gains of at least 15% in 2025, driven largely by specific sectors that performed well - particularly those related to artificial intelligence and hyperscale data centers, according to an analysis by visualcapitalist.com. It tracks the performance of US stocks over the past 12 months, including data from January 5, 2026, based on figures provided by finviz.com.

• Google - the year's biggest individual gainer

In 2025, Google (Alphabet) was the biggest individual gainer, easily outpacing other companies in the "Magnificent Seven" group of tech giants, with a return of more than 60%. According to the source cited, Google rose in 2025 after demonstrating that artificial intelligence has strengthened, rather than disrupted, its core search and advertising business, with AI-powered results boosting user engagement, ad prices and profit margins. The launch of Gemini 3 also helped change the narrative around artificial intelligence, demonstrating that Google is a leader in the field.

• Major advance for big banks

Large, diversified U.S. banks had a stellar year, with each posting double-digit (or higher) gains: JPMorgan Chase & Co. (+39.35%), Bank of America (+29.44%), Wells Fargo & Co (+37.22%), Citigroup (+75.17%). Higher interest rates, a rebound in capital markets and strong businesses in the consumer and wealth sectors have boosted banks, creating multiple streams of profit, the source cited notes. Their size and diversification helped offset weaker sectors like commercial real estate and outperformed specialty lenders.

• Semiconductors: Micron - up 271%

As the world races to develop artificial intelligence infrastructure, chipmakers such as Nvidia (+40%), AMD (+83%), TSMC (+63%) and Broadcom (+48%) have all posted strong double-digit gains over the past year. The biggest winner in this category was Micron (+271%), a major maker of memory chips. Higher demand and prices for DRAM and high-bandwidth memory have driven rapid profit growth and a major repricing of the sector's stocks.

• Aerospace and Defense Boosted by Global Tensions

Aerospace and defense stocks rose in 2025 as heightened global tensions, rising defense budgets, and sustained military aid commitments generated strong order book and long-term revenue visibility for major contractors. GE Aerospace (+94%) and RTX (+63%) were two of the top performers.

• Gold and Mining Advance

Gold and mining stocks rose in 2025 on the back of central bank buying, geopolitical risk, and expectations of a more relaxed money market.

• Big Losers in 2025: REITs and Non-AI Software Companies

REITs have struggled over the past year as high interest rates have kept borrowing costs high and put pressure on property valuations, particularly in office and commercial real estate, according to the source. A Real Estate Investment Trust is a company that owns, operates, or finances income-producing real estate.

Higher bond yields have also made income-oriented real estate less attractive compared to safer fixed-income alternatives.

Healthcare real estate investment trusts have avoided some of the damage, with Welltower Inc., for example, posting some of the strongest gains (+47%).

Also last year, non-AI software stocks lagged as investors moved away from high-value growth companies and toward companies with immediate AI monetization and stronger cash flows.

Prime examples of this effect can be seen in the performance of major companies such as Salesforce (-23%), Adobe (-25%), ServiceNow (-30%), and SAP (-2%).

It is worth noting that upstream oil and gas stocks also underperformed in 2025 as energy prices stabilized and production expansion limited growth despite ongoing geopolitical risks. Investors also favored capital discipline and shareholder returns over aggressive exploration, dampening growth narratives in the sector.

At the same time, the once defensive consumer staples sector was hit. While there was a sense that consumer staples would have a stronger year amid projected geopolitical and economic turmoil, hopes were quickly dashed as economic growth returned and inflation eased, with consumers spending on discretionary purchases.