Key Points
They sent Nvidia shares soaring 150%, propelling the graphics-chip makers market value above $3 trillion and briefly making it the most valuable company in the world..
Nvidias ascent is a big reason the S&P 500 has climbed 15% this yearnearly as much as in last years standout first halfeven as a series of hot inflation readings damped investors hopes that the Federal Reserve would soon begin to cut interest rates..
Nvidias surge has prompted some on Wall Street to draw comparisons with the tech bubble, while many investors point to the companys blowout profits as evidence the stocks moves are justified..
While artificial intelligence might ultimately affect companies throughout the economy, the recent trade has been more limited. In one indication of the extent to which big tech stocks have been powering the market, an equal-weighted version of the S&P 500 is lagging behind the benchmark index, in which large companies hold more sway than smaller ones, by the most in decades..
The equal-weighted index is up just 4% so far this year, underperforming the S&P 500 by 11 percentage pointson pace for the biggest gap in the first half of a year in data going back to 1990, according to Dow Jones Market Data..
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