S&P 500 pulls within 1.2% of its all-time high even as majority of its stocks fell: Broadcom, Nvidia and other AI stocks made up the difference
Source: Fortune ·
AI stocks are on track for a second winning day after swerving for weeks on worries about whether their boom is under threat.
From the source
Stocks in the artificial-intelligence industry are leading Wall Street higher on Tuesday, as their yo-yo moves swing back upward. The S&P 500 rose 0.6% and pulled within 1.2% of its all-time high set earlier this month. The Dow Jones Industrial Average was up 25 points, or less than 0.1%, with an hour remaining in trading, and the Nasdaq composite was 1.2% higher. The majority of stocks within the S&P 500 were falling, but the gains for influential AI stocks made up for that. AI stocks are on track for a second winning day after swerving for weeks on worries about whether their boom is under threat because of how expensive it’s become for companies to borrow money to build data centers and buy more AI chips. Broadcom climbed 4.2% after announcing a $63 billion financing deal where several Wall Street firms will help Anthropic get access to Broadcom’s XPU AI accelerators and networking solutions. Elsewhere in the industry, Nvidia rose 0.8% and was one of the strongest forces behind…