U.S. stocks nudged to fresh record highs by midday Tuesday as a renewed surge across semiconductor and AI-infrastructure names offset a lingering standoff between Washington and Tehran that kept crude oil firm.

• Marvell Technology stock is at critical resistance. Why are MRVL shares at highs?

The S&P 500, Nasdaq 100 and Dow all pared earlier losses to trade above the flatline, with chip leaders doing the heavy lifting.

The S&P 500 added 0.2% to 7,614, and the Dow Jones Industrial Average rose 0.2%, or about 76 points, to 51,155. 

The Nasdaq 100 outperformed with a 0.4% gain to 30,649, powered by the chip complex. 

The small-cap Russell 2000 outpaced its large-cap peers, climbing 0.8% to 2,929.

The standout mover was Marvell Technology Inc. (NASDAQ:MRVL), which soared 20% after Nvidia CEO Jensen Huang called the data center chip designer “the next trillion-dollar company” during an appearance at Computex in Taipei; Nvidia has also committed a $2 billion investment in the firm. 

Hewlett Packard Enterprise Co. (NYSE:HPE) surged nearly 30% after fiscal second-quarter revenue jumped 40% to a record $10.68 billion and adjusted EPS of $0.79 beat estimates by 26 cents with management lifting full-year adjusted EPS guidance to $3.35-$3.45 from $2.30-$2.50 on $1.8 billion in new AI systems orders.

Tuesday’s Performance In Major U.S. Indices

Index	Last	% Change
S&P 500	7,613.96	+0.2%
Dow Jones	51,155.31	+0.2%
Nasdaq 100	30,648.63	+0.4%
Russell 2000	2,928.68	+0.8%

According to the Benzinga Pro platform:

• The Vanguard S&P 500 ETF (NYSE:VOO) gained 0.2%.
• The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) rose 0.2%.
• The Invesco QQQ Trust (NASDAQ:QQQ) climbed 0.4%.
• The iShares Russell 2000 ETF (NYSE:IWM) rallied 0.8%.

Optical Networking Roars, Software Stocks Pullback

Huang’s emphasis on the networking bottleneck between GPU racks sent optical-component makers soaring. 

Coherent Corp. (NYSE:COHR) climbed 16.4%, helped by an analyst price-target hike to $400 from $365 on stronger 800G and 1.6T transceiver volumes, while Corning Inc. (NYSE:GLW) rose 13.4% and Lumentum Holdings Inc. (NASDAQ:LITE) gained 13.3% — all riding the AI data-center connectivity theme rather than any single company catalyst. 

Broadcom Inc. (NASDAQ:AVGO) rose 5.3% ahead of its earnings due Wednesday, with Lam Research Corp. (NASDAQ:LRCX), QUALCOMM Inc. (NASDAQ:QCOM) and ON Semiconductor Corp. (NASDAQ:ON) each adding more than 5% after SK Hynix flagged higher wafer capacity.

The flip side was a pullback in software as the the iShares Expanded Tech-Software Sector ETF (BATS:IGV) slumped 3.2% after gaining 15% over the past four sessions.

ZoomInfo Technologies Inc. (NASDAQ:GTM) led the decliners, down 11.3%, followed by HubSpot Inc. (NYSE:HUBS) off 10.4% and Intuit Inc. (NASDAQ:INTU) down 9.4%.

Zscaler Inc. (NASDAQ:ZS) fell 8.5% in sympathy, while megacap software bellwethers Salesforce Inc. (NYSE:CRM) slipped 4.6%.

Tuesday’s Russell 1000 Top Gainers

Name	% change
Marvell Technology Inc.	+29.74%
Coherent Corp.	+16.44%
Hewlett Packard Enterprise Co.	+16.43%
Corning Inc.	+13.37%
Lumentum Holdings Inc.	+13.33%

Tuesday’s Russell 1000 Top Losers

Name	% change
ZoomInfo Technologies Inc.	-11.26%
HubSpot Inc.	-10.35%
Intuit Inc.	-9.39%
Carvana Co. (NYSE:CVNA)	-8.68%
Zscaler Inc.	-8.52%

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