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NVIDIA gained 1.75% to $215.20, within 1.2% of its all-time high. The Philadelphia Semiconductor Index hit a record, lifting the entire sector.

AI capex acceleration is the strongest tailwind in markets right now. Every hyperscaler is spending more than guided, and NVIDIA captures the lion's share of GPU demand.

ATH at $217.80 is the near-term test. Earnings May 28 loom large — any guidance miss after this run could trigger a 10%+ pullback.

S&P closed at 7,398.9, within 3 points of its all-time high. Tech and semis led the charge as AI capex optimism overrode Iran headlines.

The market is pricing peak earnings growth — AI spending is accelerating faster than even bulls expected. Breadth is narrowing though, which historically precedes corrections.

Intraday ATH test at 7,401.5 is imminent. Clean break targets 7,500. CPI miss Tuesday could trigger the breakout; hot CPI kills it.