"Nasdaq and S&P 500 Hit Record Highs, Nvidia Tops $2 Trillion in Market Rally"

The stock market surged to new highs as the S&P 500 and Nasdaq hit records, driven by a tech rally and positive inflation data, with Nvidia reaching a $2 trillion valuation for the first time. Apple abandoned its car project to focus on artificial intelligence, while legacy media companies faced challenges with declining ad revenue and streaming profitability. Dell's stock rose after a strong earnings report fueled by AI prospects, while New York Community Bancorp tumbled following a CEO exit and financial losses. Elon Musk sued OpenAI over its shift towards profit, and mortgage rates flirted with 7% as consumer tolerance for higher rates grew.