Nvidia's stock market dominance fuels big swings in the S&P 500

), whose chips are seen as the gold standard in artificial intelligence applications, has accounted for about a quarter of the S&P 500's 17% gain.

Nvidia's rally"got the whole market moving," said Chris Murphy, co-head of derivative strategy at Susquehanna Financial Group. While recent strength in non-tech sectors has stirred hopes of a broadening rally, a sustained sell-off in any of the tech megacaps could still badly hurt broader markets, analysts said.

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