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Stock market pundits have been bemoaning the narrowness of the current bull market that started on October 12, 2022. It has been led by the Magnificent-7. Now the pundits are fretting that it is being led by just Nvidia, which is up 115.0% ytd versus 11.2% for the S&P 500 (chart). It is also significantly outperforming the Magnificent-6 so far this year.
Nvidia is the only clear beneficiary of the AI boom currently because everyone who wants to play has to pay for the company's expensive GPU chips. All that capital spending will weigh on the profits of Nvidia's customers who may or may not be among the winners of the AI arms race.
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