As the Magnificent Seven holds about 30% of the value of the S&P 500 (^GSPC), much of the stock market's gaze is turned towards upcoming earnings from tech giant Nvidia (NVDA). However, recently released inflation data is raising questions about when the Federal Reserve will be able to begin to cut interest rates, even those top performing stocks haven't been able to escape the market volatility. Baird Managing Director and Market Strategist Michael Antonelli joins Yahoo Finance to discuss why he believes that despite stronger-than-expected inflation data, it won't have much as an impact as it used to, now that AI dominates the conversation on Wall Street. Antonelli affirms his stance: "There's a reason why the stock market is not really all that dominated by CPI, PPI, inflation prints. It's because of AI. AI has essentially sucked all of the oxygen out of the room. That theme, the kind of catalyst of AI, is just absolutely on everybody's mind. So, whether it's Nvidia or Arista (ANET), there's a whole bunch of companies in there. Whether it's Facebook (META), Amazon (AMZN) or Google (GOOG,GOOGL), everybody's looking towards this AI theme to try to find the little nuggets of information. So, yes, Nvidia is important, but so are these other companies that are also a component of this big AI theme and that's what markets do every now and then, they get obsessed over something. So, we're ignoring inflation just because of the AI thing." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino

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