I was wondering if there is such a valid operation as raising a matrix to the power of a matrix, e.g. vaguely, if $M$ is a matrix, is $$ M^N $$ valid, or is there at least something similar? Would it be the components of the matrix raised to each component of the matrix it's raised to, resulting in again, another matrix?
Thanks,
It is possible to define the exponential $$\exp(M) = \sum_{n \ge 0}^{\infty} \frac{M^n}{n!}$$
of any matrix using power series. Similarly, it is possible to define the logarithm $$\log(I + M) = \sum_{n \ge 1} \frac{(-1)^{n-1} M^n}{n}$$
when the above series converges (this is guaranteed for example if the largest singular value of $M$ is less than $1$). We can therefore define $$M^N = \exp(N \log M)$$
by imitating the identity $a^b = e^{b \log a}$ for, say, positive reals, but this won't have good properties unless $N$ and $M$ commute, I think. It's better to consider the exponential and logarithm separately.
As I have discussed elsewhere on math.SE, the fact that the ordinary exponential takes two inputs which are the same type is misleading. Most (but not all) "exponential-type" operations in mathematics take two inputs which are different types.