I wrote on the weekend about the power of the winning culture in US business and it's on full display again today. It's only a 0.3% rise in US stocks but look at this chart of the S&P 500.
![SPX daily](https://images.forexlive.com/images/SPX%20daily_id_ab79173e-4d45-4679-b6e3-aa9eeaa83036_original.jpg)
SPX daily
At this point it seems poking holes in it is futile. It's the same thing I've been arguing for many months: Stocks can rise on a good economy and if the economy stumbles, there's a Fed put.
However the moonshots in a couple chip stocks don't exactly look like a market that's operating rationally.
![ARM holdings](https://images.forexlive.com/images/ARM%20holdings_id_2df46ca3-cc8a-4c7b-8310-ae2076b8b6b0_original.jpg)
ARM holdings
![SMCI](https://images.forexlive.com/images/SMCI_id_166adebc-e968-4794-951c-baca2c6a6457_original.jpg)
SMCI daily
Of course there is Nvidia today, which is up another $19 to $740 and has passed Amazon in market cap. Hopefully AI delivers on what the market is saying because if it lives up to this kind of hype then it's heaven-sent.