The stock market gathering is led by artificial intelligence and chips, as everyone falls backward star-news.press/wp

During the first six months of 2025, Wall Street was divided into two Americas: the future, as well as everything else.

Amnesty International’s chips and infrastructure are increasing. But consumer shares, retail, industrial, and all other companies that do not operate the artificial intelligence arms race, to use the non -technical term: Meh.

The difference is not new, but this was not blatant. NVIDIA has increased by more than 13 % this year. Intensity? More than 83 %. Broadcom, SuperMicro, ARM, Oracle – all sharply higher.

Meanwhile, the target stocks decreased by nearly 30 %. The public dollar, the home warehouse and UPS are basically the water (or worse, drowned in it). Patrols survive, but are not related to the market that chases Si -growth – especially the type associated with Amnesty International’s infrastructure.

This brings the market, yes. But it is selective.

It works on a specific type of fuel: difficult data, strong profits-and there is no interest at all in the basics of the old school.

Artificial intelligence or bust

NVIDIA has become a symbol and center of artificial intelligence bull. His shares export $ 158 last week, which puts the maximum of the artificial intelligence maker market Just shy 4 trillion dollars – Mazer than France’s gross domestic product. Nafidia First quarter profit report Data Center revenue showed 73 % on an annual basis.

Broadcom rides the same wave after a quarter of an outbreak. SuperCicro, which was previously the Super Micro computer, was arranged in the depth of 2026. All this translates into real profits: Analysts in Looop Capital set a goal for the price of NVIDIA share It means a path to 6 trillion dollars by 2027Assuming that Amnesty International’s infrastructure will keep the snowball.

SMH, ETF semiconductor, more than 13 % increased this year. Some stocks of individual chips are closer to 80 %. Although Big Tech has sometimes swayed – Apple and Google Parent Alphabet are still in the year – artificial intelligence players collected most of the market condemnation. Narrow, but the profits are real. Micron benefits From the high prices of DRAM with high demand for high -range memory chips, it increases amid NVIDIA growth. The huge stocks continue to learn the machine to generate a strong cash flow, not just excitement.

Meanwhile, the rest of the S&P 500 behaves like someone left the air.

The traditional companies facing the consumer 2025 spent the margin. Causes are clear: cautious consumers, sticky inflation, and the opposite pioneers of politics that do not affect NVIDIA margins but they wander completely in large retail.

Consumer spending decreased by 0.1 % in May, and the available income decreased by 0.4 %, according to the latest data from the Ministry of Commerce. The Consumer confidence index at the Conference Council also slipped, less than 93 in June. As inflation continues to occur in approximately 2.7 %, and the definitions that pay the price of strong goods, Americans are retreating. In May, McKinsey reported that 43 % of American consumers reduce the activity of estimated spending – and that almost a third is concerned about the high import costs.

TARGET has reduced the entire year in May, noting both soft demand and high costs. Home Depot is struggling with traffic and sales of the same stagnant store. Even UPS, which usually tracks general economic momentum, has seen a slow volume in low e -commerce and commercial demand.

The winners? Retail traders discount. Dollar General and Five below is witnessing modest growth in the store and increased traffic on foot as consumers trades-but even this growth is lukewarm compared to what Wall Street is looking for.

Detail of retail and logistics feel structural. Special label commodities rise, estimated categories are broken, and large home improvements in stopping. Until inflation reduces, a counterattack will continue to grow wages, or calm the threats of customs tariffs, many of these companies will continue to perform. The profits in many of these sectors are fine. However, the “fine” does not cut it in a market where NVIDIA prints $ 44 billion in quarterly revenues and investors have an allergy to anything that does not involve the graphics processing unit.

Machines win

Part of the distress in the assembly is structural. Big money and menus chases growth, and the only real growth is in artificial intelligence. The Magnificent 7 (Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA and Tesla are now approximately half of the market ceiling gains in the S&P 500 this year. If you take these seven outside, the index hardly move.

But the other part of the growth of the gathering is psychological.

After years of Ping-Pong and PandeMic markets, investors are addicted to scale stories. Artificial intelligence is not just a growth story. It is a movement. New platform. He promised to return to the liquid. It is difficult for Wall Street to get this enthusiastic logistics of shipping when NVIDIA and Microsoft are present in the reshaping of the cloud.

Of course, the narrow marches are fragile by nature. If the capitalist expenses of Amnesty International slow down or relate to its head again, high models may decrease. Some analysts already report that expectations may be before reality. There are only many cloud data centers that the world can build in a quarter.

However, the market continues to choose speed above caution. The first half of 2025 has brutally explained: the future surpasses the present. Artificial intelligence is the narration. Chips are trade. And if you are divided stores, an industrial player, or anything that lives in the real world and does not train big language models, investors are happy to leave you behind.

The capital flows where the condemnation is found. Now, in Wall Street, the NVDA condemnation is spent.