The U.S. stock market is ticking toward new records Tuesday, driven by winners of the artificial-intelligence boom.
The S&P 500 rose 0.2 percent, the Dow Jones Industrial Average gained 140 points, and the Nasdaq composite added 0.2 percent. AI chip companies led the rally. Broadcom surged 4.4 percent, Nvidia added 0.7 percent, and Marvell Technology leaped 28.4 percent after Nvidia CEO Jensen Huang suggested Marvell could become the next trillion-dollar company. Hewlett Packard Enterprise soared 23.3 percent after reporting a profit that beat expectations, citing demand from customers building AI capabilities. Generac climbed 5.7 percent after signing a deal to provide backup power generators to a leading hyperscale data center operator.
Alphabet, parent company of Google, announced it is raising $80 billion in cash and plans to spend up to $190 billion on equipment and investments this year. Critics warn of a potential AI investment bubble, and Alphabet's stock fell 1.8 percent.
In the oil market, Brent crude fell 0.3 percent to $94.67 per barrel. Treasury yields slipped, with the 10-year yield at 4.45 percent. Markets abroad rose across Europe and Asia.