AI giants underpin US stock market resilience, as the S&P 500 closes above 7,800 points for the first time, notching a new all-time high.

According to BIT (bit.com) market data, the S&P 500 index hit an intraday high of 7844.52 points on Tuesday, setting a new intraday record and closing above the 7800 level for the first time. Meanwhile, the 10-year US Treasury yield broke through 5.3%, reaching its highest level since 2002, and oil prices also rebounded above $100 per barrel. Despite the Federal Reserve having launched its interest rate hike cycle, US stocks still hit records amid multiple macro pressures. The market rally was mainly driven by large-cap tech stocks and the AI sector. The "Magnificent Seven" (Nvidia, Alphabet, Amazon, Apple, Meta, Microsoft, Tesla) collectively account for over 34% of the S&P 500's market capitalization, with their total value rising to a record high of around $25 trillion on Tuesday. Nvidia rose 4.5% in the past week, while Meta has gained 24% since August 13. At the same time, market breadth continued to narrow: less than half of the S&P 500's constituent stocks closed above their 200-day moving average on Tuesday, and small-cap stocks as well as the S&P 500 Equal Weight Index both underperformed the broader market. Analysts pointed out that amid persistent interest rate and inflation pressures, strong earnings, massive capital expenditure, and robust balance sheets of AI giants have become key supports for US stocks, but the market's reliance on a small number of large tech stocks is also intensifying.