The S&P 500 notched a record high close on Wednesday ahead of quarterly results from Nvidia, Wall Street’s most closely watched event this week, which will test the rally that has pushed valuations of AI-related companies to levels that some investors view as too high. Shares of Nvidia, the world’s most valuable company and the leading supplier of cutting-edge AI processors, bounced between gains and losses before ending down 0.1% ahead of the report, due after the market closes.

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