The Nasdaq Composite closed out its fifth-straight weekly gain on Friday, jumping 2.5% in the past five days, and is now up 24% this year, far outpacing the other major U.S. indexes. The S&P 500 is up 9.5% for the year and the Dow Jones Industrial Average is down slightly.

Nvidia drove this week’s rally, surging 25% to a record on better-than-expected earnings. It's looking a lot like AI is the new dot com surge. Nvidia'a rise is mostly due to AI companies like microsoft and OpenAI purchasing huge amounts of the copanies processing power geared towards AI from Nvidia.

It's interesting to note tht Bitcoin MIning was blamed for lack of GPU's for gamers and graphic developers. But, AI has already consumed more then 4x's the GPU's that bitminers did. Guessing the media likes one tech over the other.

“Being concentrated in these mega-cap tech stocks has been where to be in this market,” said Victoria Greene, chief investment officer of G Squared Private Wealth, in an interview on CNBC’s “Worldwide Exchange” Friday morning. “You cannot deny the potential in AI, you cannot deny the earnings prowess that these companies have.”