This has been a remarkable year for U.S. stocks, with the recent post-Fed rally lifting the S&P 500 Index ($SPX) to its highest levels of 2023. However, this year will probably be best remembered for the artificial intelligence (AI) pivot, which helped Nvidia (NVDA) become the first chip designer to join the ranks of $1 trillion companies.
Over the last couple of years, there has been a big churn in trillion-dollar companies. In 2021, both Tesla (TSLA) and Meta Platforms (META) joined the exclusive trillion-dollar club, only to drop out in 2022 - which was a terrible year for tech stocks.
