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AI BOOM PROPELS CHIPS, AND MARKETS, TO NEW HIGHS

The S&P 500 .SPX posted its 19th record closing high of the year, while the Nasdaq Composite .IXIC scored its 15th record finish, on Tuesday as AI-fueled optimism helped offset concerns over Middle East peace talks and recent U.S. strikes on Iran.

Most S&P 500 .SPX sectors ended higher, led by a 1.7% gain in technology .SPLRCT. Energy .SPNY, falling 2.8%, was the biggest decliner, weighed down by falling crude prices.

Other major indexes also notched record closes, including the Nasdaq 100 .NDX, the S&P 500 tech sector, the equal-weight S&P 500 .SPXEW, the small-cap Russell 2000 .RUT, and the PHLX Semiconductor Index .SOX.

Semiconductor stocks, buoyed by AI-driven demand, led gains. Micron MU.O jumped more than 19%, lifting its market value above $1 trillion for the first time, after UBS sharply raised its price target to $1,625 from $535.

In the 39 trading days since the SOX index’s March 30 close, it has surged 80.3%. That marks its second-largest rolling 39-day gain based on LSEG data going back to mid-1994. The record gain, 80.978%, was reached on March 3, 2000, just five trading days before the index’s Y2K-era closing peak.

Meanwhile, since a March 24 relative strength trough, the SOX's chipmakers have been strongly outperforming its equipment makers.

Here is a snapshot of where markets stood shortly after the 4 p.m. close.

(Terence Gabriel)

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