Despite the S&P 500 repeatedly setting new all-time highs, market growth is not broad-based, with only a few sectors driving performance. Capital is heavily concentrated in AI infrastructure and semiconductors, reflected in strong stock performances: NVDA (+15.6%), AVGO (+21.45%), AMD (+109.59%), MU (+169.49%), and INTC (+242.71%). This suggests Wall Street believes the AI infrastructure build-out is accelerating and spreading deeper across the entire supply chain, beyond just NVIDIA.



Consumer and retail sectors are also robust, with Amazon, Walmart, and Costco showing good gains. Energy is another rising sector, largely due to U.S.-Iran tensions. While economic outlooks remain concerning, consumer spending has not yet faltered. The market appears to be tracking specific long-term trends, rather than signaling a booming economy overall.
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