Good morning, and welcome to the Weekender for Saturday, February 24, 2024. It was another week of record highs for the dominant US equity market indices thanks to the magical elixir of artificial intelligence, which continues to imbibe markets since it took hold in mid-2023. The S&P 500 has been levitating since then, with only a few tepid pauses. On the week, the index was higher by 1.8%. While the AI theme was broadly dominant in markets, the engine driving the train was artificial intelligence chip maker Nvidia, which has become a proxy bellwether for the “realness” of artificial intelligence. More on that in a minute.
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