美国 Holiday Market Thoughts SPY is just $2 away from breaking its all-time high. QQQ is three steps away from its peak. The tech ETF XLK gained 2.2% this week, brushing up against a new high. But one player didn’t follow along. NVDA has slid 11% from its high. The most solid AI name has fallen behind in this rally. This isn’t necessarily a bad thing. Last year, NVDA was holding everything up—if it sneezed, the whole sector caught a cold. Now, with SPY nearing a new high and NVDA heading down, the gains are no longer telling the same story. Money is flowing from AI arms dealers to broader tech stocks. What I really want to see is: can this new high hold without NVDA in the mix? If it does, it means the bull market isn’t just betting on one stock—it’s truly broadening out.