A holiday-shortened trading week did little to interrupt the momentum of an AI-fueled bull market that continues to rewrite record books across Wall Street.

The S&P 500 closed out its ninth consecutive weekly gain, a streak achieved only 10 times since World War II.

The Dow Jones Industrial Average, Nasdaq 100 and Russell 2000 all finished the week at or near all-time highs, underscoring the breadth of the rally.

Since bottoming in late March, the SPDR S&P 500 ETF Trust (NYSE:SPY) has surged roughly 20%, while the tech-heavy Invesco QQQ Trust Series 1 (NASDAQ:QQQ) has soared 30%.

The scale of the AI infrastructure boom is of historical magnitude.

After rallying 40% in April, semiconductor stocks, as tracked by the iShares Semiconductor ETF (NASDAQ:SOXX), gained another 23% in May, marking the strongest two-month advance in the fund’s history.

Micron Technology Inc. (NASDAQ:MU) surged 84% for the month, its best monthly performance since November 1985, propelling the memory-chip maker above the $1 trillion market capitalization threshold.

Qualcomm Inc. (NASDAQ:QCOM) nearly doubled over the past two months, delivering its strongest rally since the final stages of the dot-com boom in December 1999.

Yet the week’s most notable development ...