From AP:
The S&P 500 is on track to close 2024 with a gain of nearly 27%, after setting 50 record highs this year. That’s on top of its 24.2% spurt the year before, a spectacular two-year run unmatched since the dot-com boom.
This time around, it’s not dot-com stocks boosting the market but skyrocketing prices for companies in the artificial-intelligence business. Nvidia, for example, has more than doubled in value after surging over three times in 2023 because its chips are powering much of the move into AI. Super Micro Computer, which makes servers used in AI and other computing, has jumped nearly 48% this year after more than tripling last year.