Overview
- U.S. stocks closed at new highs Tuesday as tech shares climbed, with the S&P 500 up 0.8% and the Nasdaq up 1.0%, according to Kiplinger and The Straits Times.
- AMD, which reported after the bell Tuesday, projected second‑quarter revenue of about $11.2 billion versus the $10.52 billion consensus, pointing to strong demand for data‑center chips used in artificial intelligence.
- Alphabet moved close to Nvidia in market value, reaching roughly $4.67 trillion versus Nvidia’s $4.79 trillion, after Google Cloud growth accelerated and the company began selling its own AI chips, Reuters reported.
- Evidence of sustained AI spending is building, with Amazon’s AWS citing a $15 billion annualized AI revenue run rate and a $364 billion order backlog and Oracle reporting $553 billion in contracted obligations.
- Strategists said powerful tech results are pushing S&P 500 earnings estimates higher even as leadership stays concentrated in a few mega‑caps, with energy profits from higher oil prices acting as a separate tailwind.