EV and AI stocks drive Tesla's record-breaking rally.

Electric vehicle (EV) stocks have joined the artificial intelligence (AI)-led market rally as the S&P 500 enters a new bull market. Tesla's stock has more than doubled this year and gained over 10% in the last four days, while smaller EV rivals have seen larger stock moves as the AI-led market rally spreads into other areas of the next-gen tech trade. The Federal Reserve's expected pause in aggressive rate hikes and cooling inflation data have also helped fuel the EV rally as part of a broader risk-on trade. Chinese EV makers XPeng and Nio have seen their stocks rise more than 25% and 14%, respectively, over the last four days.