“Narrow leadership like now happens from time to time but it never lasts,” said Sean O’Hara, president of Pacer ETFs Distributors, a fund provider with $45 billion in assets under management. Nvidia rose 5% Wednesday and is now up more than 150% this year. The Nvidia rally has picked up steam in recent weeks because the company’s stock is set to split 10 for one at the end of this week.
The company's pole position in artificial intelligence (AI) makes it the must-own AI stock.
The U.S. stock market’s Wednesday session is a historic one, as both the S&P 500 and the Nasdaq 100 indices closed at record high levels, driven by increased investor confidence in artificial intelligence-driven growth expanding from the tech sector to the broader market. The S&P 500 Index, as tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), closed the session 5,354 points, surpassing the latest all-time high close hit of 5,321 points hit on May 21. The tech-heavy Nasdaq 100 Index, as monitored