The S&P 500 (SNPINDEX: ^GSPC) has enjoyed a tremendous run over the past four years, more than doubling in value (up 110%). Much of its rise is connected to artificial intelligence (AI), with companies like Nvidia and Palantir Technologies leading the charge, up 2,320% and 1,680% over that time, respectively. That's still happening, but the stakes are much higher now. Hyperscalers like Amazon and Alphabet are investing billions, and soon trillions, on AI, with the rewards yet to be fully seen. Both of those companies reported negative free cash flow in the second quarter, and both insist that the results will soon flow in. Image source: Getty Images.
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