The stock market is at all-time highs
powered by an extraordinary rally for semiconductor stocks.
Since ChatGPT launched late in 2022, the SOX index has moved from 4% to 16% of the S&P 500’s market cap:
The news flow from the Middle East hardly signals a lasting resolution to the Iran conflict. The Strait of Hormuz, blockaded by both the US and Iran, remains totally closed to tanker traffic
John Authers Bloomberg April 27, 2026
Wall Street’s biggest technology stocks have carried the S&P 500 to record highs even as the war in Iran continues. Now, earnings from a handful of them this week will give investors a read on whether this rally’s sustainable.
Shares of Alphabet, Amazon, Nvidia and Meta are all up more than 25% since the S&P 500 bottomed on March 30.
The AI Frenzy Is Back and Lifting the Entire Stock Market to Record Highs
Signs of froth are everywhere, with the IPOs of Anthropic and OpenAI expected to be the biggest ever
If there’s a problem, it’s not only, or even mainly, a failure to recognize the fragility of the cease-fire in the Gulf. Everything depends on whether the AI boom is a bubble.
James Mackintosh April 26, 2026
Nvidia is up 12% this year and is the biggest contributor to the S&P 500 Index’s rise
Nvidia responsible for about 20% of the index’s advance.
Expectations that massive spending on AI computing infrastructure will continue are driving the rally and fueling long-term growth for chipmakers like Nvidia.
Nvidia’s gain on Friday pushed its market capitalization to more than $5 trillion, extending its lead as the world’s most valuable company.
Bloomberg April 24, 2026
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