The S&P has now joined the Nasdaq at record highs, and Tim Knight says it is officially the bulls' market to lose, they've got the baton and there's no reason they shouldn't keep running. But the picture underneath is stark: this is a very, very bifurcated market where a tiny handful of multi-trillion-dollar tech names are holding up everything, and the reason they can is AI. The Dow and the small-cap Russell are nowhere near their highs, thousands of points below in the Dow's case.
Video Chapters
00:00 Precious metals try to diverge
01:20 A long-term inflection point
03:06 The S&P joins the record highs
03:20 The bulls have the baton
04:00 The Dow and small caps lag badly
04:40 A very bifurcated market
04:50 One sector holds up everything
06:00 AMD and the backorder story
06:40 NVIDIA nears 6 trillion
07:30 The bonds nobody's watching
08:30 14% of the budget is interest
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