S&P 500 reaches a new all-time high as the AI wave fuels a frenzy in US stocks

📈 Core Data
On May 14, the S&P 500 closed up 0.58% at 7,444.25 points, with both the S&P 500 and the Nasdaq setting new all-time high closing records; the next day it pushed higher again to 7,501.24 points, strongly breaking through the 7,500 level
Since the low on March 30, the cumulative increase is about +19%, during which the Nasdaq surged 28% and Nvidia jumped 38%
In just 45 trading days, the total market value of US stocks expanded by about $11 trillion, and the total market capitalization of US stocks has already reached about $73.3 trillion
💡 Price Momentum Drivers
The AI wave overwhelms macro headwinds: Nvidia, Google, and Apple all hit new all-time highs on the same day, with the Communication Services and Technology sectors leading the rally
April PPI rose sharply year over year to 6%, and core PPI reached 5.2%, yet there was no sell-off—showing that demand for tech stocks has completely outweighed concerns about inflation
🏛 Market Value Impact and Potential Risks
The addition of $11 trillion in market value creates a massive wealth effect
However, 77% of S&P 500 constituents are left behind, with only 23% outperforming the index, and the gains are highly concentrated among AI leaders
With inflation staying hot, the probability of the Federal Reserve raising rates within the year has risen to 50%. If tech leaders pull back, it could trigger a chain reaction of pullbacks
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