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US stocks climbed to fresh record highs on Tuesday as renewed strength in AI-related names outweighed concerns over the continued standoff between the US and Iran. The S&P 500 closed above 7,600 for the first time, while the Dow Jones Industrial Average added more than 200 points.
Large semiconductor manufacturers and firms tied to AI infrastructure led the advance, extending the rally that has driven equity indices higher this year. Broadcom rose 5% ahead of its earnings release tomorrow, while Lam Research, Qualcomm, and ON Semiconductor each gained more than 5%, supported by an improved sector outlook after SK Hynix increased its wafer capacity.
Elsewhere, Hewlett Packard Enterprise surged 19% after raising its guidance on the back of robust AI demand, and Marvell Technology jumped 32% after Nvidia CEO Jensen Huang suggested it could become the next trillion-dollar company. In contrast, Alphabet fell nearly 4% after unveiling an $80 billion stock offering to finance its AI expansion plans, which include a $10 billion investment from Berkshire Hathaway.
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