AI Stocks Keep Driving Wall Street to Records

An article on AP News

he U.S. stock market inched to more records Tuesday as winners of the artificial-intelligence boom kept driving higher.

The S&P 500 rose 0.1% after drifting between small gains and losses through the day. The Dow Jones Industrial Average added 228 points, or 0.4%, and the Nasdaq composite edged up by less than 0.1%. All three set all-time highs.

Hewlett Packard Enterprise helped lead the market, and its stock soared 19.5% after it reported a profit for the latest quarter that blew past analysts’ expectations. It credited demand from customers building their artificial-intelligence capabilities.

Marvell Technology leaped 32.5% for its best day since its stock began trading in 2000 after Nvidia’s CEO, Jensen Huang, suggested at a conference in Taiwan that Marvell could be “the next trillion-dollar company.” The last company to enter the expanding club of behemoths was Micron Technology, which is likewise riding the AI wave. Nvidia, which slipped 0.7%, has seen its total value top $5 trillion.

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