The stock market witnessed a slight decline on Thursday, with two of the major stock indexes, the S&P 500 and Nasdaq, slipping from their record highs. This dip came in the wake of Nvidia’s record-breaking surge taking a breather.

The S&P 500 lost around 0.2% after briefly crossing 5,500 for the first time, unable to build on its 31st record close of the year. The tech-heavy Nasdaq Composite touched new highs earlier in the session but closed sharply down, almost 0.8%.

Nvidia, the world’s most valuable public company, saw its shares fall more than 3% on Thursday. Despite the dip, the stock is still up more than 170% so far this year. Nvidia’s rapid rise to the top has been so swift that some more passive investors haven’t been able to keep up.

Global central banks were also in focus on Thursday. The Swiss National Bank cut rates for the second time this year, while the Bank of England kept its benchmark rate at a 16-year high, signaling a potential rate cut in the summer. In the US, most traders continue to bet on a Fed cut by September.

Despite the market’s slight dip, the growth story for stocks this year has been largely driven by the excitement around AI’s potential, with Nvidia capturing the collective attention. As the market adjusts to these changes, investors will be keenly watching the next moves of these major players.