AI spending added 0.5% to GDP growth, and the Magnificent 7 stocks are driving the market

(Credit: Sameer Al-DOUMY—AFP/Getty Images)

• The S&P 500 is up 10% year to date and set another all-time high yesterday. Much of that growth has come from the Magnificent 7 tech companies, which are spending heavily on AI and its associated infrastructure. That wave of spending has become so massive that it has added 0.5% to GDP growth, according to Pantheon.

S&P 500 futures are flat this morning, premarket, suggesting that investors are not in a mood to sell after the index reached yet another all-time high yesterday. The S&P was up 0.32% on the day, at 6,466.58.