{"id":1356,"date":"2026-06-30T08:00:12","date_gmt":"2026-06-30T08:00:12","guid":{"rendered":"https:\/\/www.lighthouse-am.com\/revision-semanal\/what-has-been-driving-the-market-this-year\/"},"modified":"2026-07-02T08:24:41","modified_gmt":"2026-07-02T08:24:41","slug":"what-has-been-driving-the-market-this-year","status":"publish","type":"post","link":"https:\/\/www.lighthouse-am.com\/es\/revision-semanal\/what-has-been-driving-the-market-this-year\/","title":{"rendered":"\u00bfQu\u00e9 ha estado impulsando al mercado este a\u00f1o?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">A medida que se acerca el final del primer semestre, ser\u00e1n muchos los titulares que destacar\u00e1n el s\u00f3lido comportamiento de los mercados. El S&amp;P 500 acumula una subida cercana al 9% en lo que va del a\u00f1o (gr\u00e1fico inferior), mientras que el Dow Jones Industrial Average contin\u00faa marcando nuevos m\u00e1ximos hist\u00f3ricos.<br>Sin embargo, comienzan a aparecer se\u00f1ales de que los principales motores del mercado est\u00e1n cambiando, lo que podr\u00eda influir en la evoluci\u00f3n de los rendimientos durante la segunda mitad del a\u00f1o. La pregunta que los inversores deber\u00edan plantearse es si este s\u00f3lido desempe\u00f1o continuar\u00e1 en la segunda parte del a\u00f1o o si el mercado har\u00e1 una pausa.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"593\" height=\"508\" src=\"https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-1-1.png\" alt=\"\" class=\"wp-image-1352\" srcset=\"https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-1-1.png 593w, https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-1-1-300x257.png 300w\" sizes=\"auto, (max-width: 593px) 100vw, 593px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Los rendimientos del mercado se est\u00e1n ampliando<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Los inversores se han acostumbrado a que las <strong>Magnificent 7<\/strong> sean las responsables de llevar al mercado a nuevos m\u00e1ximos. Sin embargo, este a\u00f1o hemos asistido a una importante ampliaci\u00f3n del liderazgo del mercado. De hecho, las Magnificent 7 est\u00e1n qued\u00e1ndose rezagadas frente al conjunto del mercado. Solo Alphabet (Google) registra una subida superior al 10% (11%) en lo que va del a\u00f1o, mientras que Tesla (-8%), Meta (-15%) y Microsoft (-24%) acumulan p\u00e9rdidas significativas. En los \u00faltimos meses, el S&amp;P 500 ha comenzado a superar el rendimiento del grupo de las Magnificent 7 (gr\u00e1fico inferior, primero), a diferencia de lo ocurrido durante los \u00faltimos cinco a\u00f1os (gr\u00e1fico inferior, segundo).<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"557\" height=\"341\" src=\"https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-2-1.png\" alt=\"\" class=\"wp-image-1353\" srcset=\"https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-2-1.png 557w, https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-2-1-300x184.png 300w\" sizes=\"auto, (max-width: 557px) 100vw, 557px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"560\" height=\"343\" src=\"https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-3-1.png\" alt=\"\" class=\"wp-image-1348\" srcset=\"https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-3-1.png 560w, https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-3-1-300x184.png 300w\" sizes=\"auto, (max-width: 560px) 100vw, 560px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Dado el elevado peso de las Magnificent 7 dentro del S&amp;P 500, no resulta sorprendente que el ETF S&amp;P 500 Equal Weight (RSP) haya obtenido un mejor comportamiento que el SPDR S&amp;P 500 ETF (SPY), ponderado por capitalizaci\u00f3n burs\u00e1til. Esta fortaleza tambi\u00e9n se ha extendido a las compa\u00f1\u00edas de menor tama\u00f1o. Tras un largo periodo de inferior rendimiento frente a las grandes empresas, el Russell 2000 Index (considerado el principal \u00edndice representativo de las small caps, aunque excluye las micro caps) ha registrado su mejor primer semestre en 35 a\u00f1os (gr\u00e1fico inferior). Esta evoluci\u00f3n pone de manifiesto que las ganancias del mercado ya no se concentran exclusivamente en las mega capitalizadas de las Magnificent 7 y sugiere que el sentimiento de los inversores ha adoptado un tono claramente m\u00e1s favorable al riesgo (<em>risk-on<\/em>).<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"575\" height=\"373\" src=\"https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-4-1.png\" alt=\"\" class=\"wp-image-1349\" srcset=\"https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-4-1.png 575w, https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-4-1-300x195.png 300w\" sizes=\"auto, (max-width: 575px) 100vw, 575px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>La tem\u00e1tica de la Inteligencia Artificial<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Uno de los factores que ha contribuido al menor rendimiento de las Magnificent 7 ha sido la creciente preocupaci\u00f3n por los elevados niveles de inversi\u00f3n en capital (CapEx) necesarios para mantener una posici\u00f3n de liderazgo en inteligencia artificial. La cuesti\u00f3n que preocupa a los inversores es si estas compa\u00f1\u00edas, al pasar de ser negocios ligeros en activos y grandes generadores de caja a empresas intensivas en inversi\u00f3n y con mayores niveles de endeudamiento, ser\u00e1n capaces de obtener una rentabilidad suficiente sobre esas inversiones como para justificar los riesgos asumidos. Como consecuencia, cada vez m\u00e1s inversores est\u00e1n desplazando su atenci\u00f3n hacia las denominadas inversiones de \u00abpicos y palas\u00bb (<em>picks and shovels<\/em>), es decir, aquellas compa\u00f1\u00edas que suministran los componentes esenciales para el desarrollo de la inteligencia artificial: sistemas de refrigeraci\u00f3n, redes de comunicaci\u00f3n, infraestructuras el\u00e9ctricas y, especialmente, fabricantes de semiconductores.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nvidia ya no es el \u00fanico protagonista del sector. La compa\u00f1\u00eda empieza a notar los efectos de la denominada ley de los grandes n\u00fameros y de una cuota de mercado cercana al monopolio, factores que hacen m\u00e1s dif\u00edcil mantener los extraordinarios ritmos de crecimiento alcanzados hasta ahora. Como ejemplo, el VanEck Semiconductor ETF acumula una revalorizaci\u00f3n superior al 80% en lo que va del a\u00f1o, mientras que Nvidia apenas avanza un 4,5% en el mismo periodo.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"624\" height=\"345\" src=\"https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-5-1.png\" alt=\"\" class=\"wp-image-1350\" srcset=\"https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-5-1.png 624w, https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-5-1-300x166.png 300w\" sizes=\"auto, (max-width: 624px) 100vw, 624px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Basta con observar las 20 acciones con mejor comportamiento del S&amp;P 500 para comprobar que la tem\u00e1tica de la inteligencia artificial sigue plenamente vigente, aunque el foco haya cambiado (gr\u00e1fico inferior). De las veinte compa\u00f1\u00edas con mejor rendimiento, \u00fanicamente Moderna, en el puesto n\u00famero 15, no est\u00e1 directamente relacionada con el ecosistema de la inteligencia artificial. La clasificaci\u00f3n est\u00e1 dominada por: fabricantes de semiconductores, empresas de equipos para la fabricaci\u00f3n de chips, proveedores de infraestructuras para IA.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La l\u00f3gica detr\u00e1s de esta estrategia es sencilla: aunque todav\u00eda no sabemos qui\u00e9n terminar\u00e1 liderando la carrera de la inteligencia artificial, s\u00ed sabemos que todos los grandes competidores seguir\u00e1n invirtiendo cantidades astron\u00f3micas durante el futuro previsible. Por ello, la inversi\u00f3n considerada de menor riesgo ha pasado a ser la de aquellas empresas que suministran productos y servicios imprescindibles para todo el ecosistema de la IA, benefici\u00e1ndose del crecimiento del sector sin tener que asumir directamente los enormes desembolsos de capital que afrontan los hyperscalers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No obstante, conviene se\u00f1alar que el fuerte repunte experimentado por las compa\u00f1\u00edas l\u00edderes del S&amp;P 500 en t\u00e9rminos de rentabilidad acumulada durante el a\u00f1o ha llevado sus valoraciones a niveles extremadamente elevados en comparaci\u00f3n con los promedios hist\u00f3ricos, dejando muy poco margen para cometer errores.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"465\" height=\"511\" src=\"https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-6-1.png\" alt=\"\" class=\"wp-image-1351\" srcset=\"https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-6-1.png 465w, https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-6-1-273x300.png 273w\" sizes=\"auto, (max-width: 465px) 100vw, 465px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Conclusi\u00f3n para los inversores<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Los mercados siempre buscan oportunidades de alta rentabilidad y narrativas capaces de atraer nuevos flujos de inversi\u00f3n. Por ello, no sorprende que, en lugar de alejarse de la tem\u00e1tica de la inteligencia artificial ante el aumento de las preocupaciones sobre los elevados costes de inversi\u00f3n, los inversores hayan desplazado su atenci\u00f3n desde las empresas que desarrollan los modelos de IA (los hyperscalers) hacia las compa\u00f1\u00edas que hacen posible su desarrollo, como los fabricantes de semiconductores, los proveedores de infraestructuras y las empresas del sector el\u00e9ctrico. Sin embargo, conviene ser prudentes para no incorporarse demasiado tarde a una operaci\u00f3n en la que ya participa un elevado n\u00famero de inversores (<em>crowded trade<\/em>), ya que, en esas circunstancias, la relaci\u00f3n entre riesgo y rentabilidad suele deteriorarse. Aunque buena parte del capital que ha salido de los hyperscalers se ha dirigido hacia las empresas que suministran la infraestructura necesaria para la inteligencia artificial, sigue existiendo un argumento s\u00f3lido para pensar que los sectores no tecnol\u00f3gicos podr\u00edan comenzar a ganar protagonismo durante los pr\u00f3ximos meses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Como siempre, la diversificaci\u00f3n sigue siendo una estrategia recomendable para los inversores con un perfil m\u00e1s conservador. Mantener la disciplina en la asignaci\u00f3n de los recursos de la cartera contin\u00faa siendo uno de los principios fundamentales para una gesti\u00f3n eficaz de las inversiones.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A medida que se acerca el final del primer semestre, ser\u00e1n muchos los titulares que destacar\u00e1n el s\u00f3lido comportamiento de los mercados. El S&amp;P 500 acumula una subida cercana al 9% en lo que va del a\u00f1o (gr\u00e1fico inferior), mientras que el Dow Jones Industrial Average contin\u00faa marcando nuevos m\u00e1ximos hist\u00f3ricos.Sin embargo, comienzan a aparecer [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[15],"tags":[],"class_list":["post-1356","post","type-post","status-publish","format-standard","category-revision-semanal","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u00bfQu\u00e9 ha estado impulsando al mercado este a\u00f1o? - Lighthouse Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lighthouse-am.com\/es\/revision-semanal\/what-has-been-driving-the-market-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u00bfQu\u00e9 ha estado impulsando al mercado este a\u00f1o? - Lighthouse Group\" \/>\n<meta property=\"og:description\" content=\"A medida que se acerca el final del primer semestre, ser\u00e1n muchos los titulares que destacar\u00e1n el s\u00f3lido comportamiento de los mercados. El S&amp;P 500 acumula una subida cercana al 9% en lo que va del a\u00f1o (gr\u00e1fico inferior), mientras que el Dow Jones Industrial Average contin\u00faa marcando nuevos m\u00e1ximos hist\u00f3ricos.Sin embargo, comienzan a aparecer [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lighthouse-am.com\/es\/revision-semanal\/what-has-been-driving-the-market-this-year\/\" \/>\n<meta property=\"og:site_name\" content=\"Lighthouse Group\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-30T08:00:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-02T08:24:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lighthouse-am.com\/wp-content\/uploads\/30-06-2026-1-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"593\" \/>\n\t<meta property=\"og:image:height\" content=\"508\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Escrito por\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Tiempo de lectura\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutos\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lighthouse-am.com\\\/es\\\/revision-semanal\\\/what-has-been-driving-the-market-this-year\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lighthouse-am.com\\\/es\\\/revision-semanal\\\/what-has-been-driving-the-market-this-year\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/www.lighthouse-am.com\\\/es\\\/#\\\/schema\\\/person\\\/474ec13f746101e5b945383dccf03457\"},\"headline\":\"\u00bfQu\u00e9 ha estado impulsando al mercado este a\u00f1o?\",\"datePublished\":\"2026-06-30T08:00:12+00:00\",\"dateModified\":\"2026-07-02T08:24:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lighthouse-am.com\\\/es\\\/revision-semanal\\\/what-has-been-driving-the-market-this-year\\\/\"},\"wordCount\":1101,\"publisher\":{\"@id\":\"https:\\\/\\\/www.lighthouse-am.com\\\/es\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lighthouse-am.com\\\/es\\\/revision-semanal\\\/what-has-been-driving-the-market-this-year\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lighthouse-am.com\\\/wp-content\\\/uploads\\\/30-06-2026-1-1.png\",\"articleSection\":[\"Revisi\u00f3n Semanal\"],\"inLanguage\":\"es\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lighthouse-am.com\\\/es\\\/revision-semanal\\\/what-has-been-driving-the-market-this-year\\\/\",\"url\":\"https:\\\/\\\/www.lighthouse-am.com\\\/es\\\/revision-semanal\\\/what-has-been-driving-the-market-this-year\\\/\",\"name\":\"\u00bfQu\u00e9 ha estado impulsando al mercado este a\u00f1o? 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