Nvidia has surged in value, surpassing Microsoft to become the world's most valuable company thanks to the AI boom. The stock has climbed 174% in 2024, with a further 2.9% increase on Thursday. The S&P 500 and Nasdaq Composite hit record highs this week, with S&P 500 futures pointing to even more gains. Nvidia's success has also boosted chipmaker Broadcom, showing the dominance of the AI trend on Wall Street. Despite concerns about market breadth and potential economic weaknesses, investors continue to flock to AI companies. Citi's Scott Chronert notes the impact of generative AI on market growth, while others warn of a bubble reminiscent of the early 2000s. As economic data is released later in the week, all eyes will be on the ongoing surge of AI stocks and their impact on the market.