S&P 500 and Nasdaq hit record highs on AI demand
U.S. stocks climbed on Tuesday as semiconductor gains and artificial intelligence demand outweighed concerns regarding Iran. Micron reached a one trillion dollar market value while the Philadelphia SE Semiconductor index hit an all-time high amid strong first-quarter earnings growth.
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The S&P 500 and Nasdaq Composite traded near record highs on May 26 as semiconductor gains outweighed geopolitical tensions. Earnings growth is expected to reach 29% year-on-year, compared with the 16.1% estimated a month ago, driven by artificial intelligence demand that propelled United States benchmarks higher despite ongoing friction with Iran. Investors are prioritizing corporate profitability and the AI trade over regional instability in the Middle East.
