Broadcom and other AI stocks lift Wall Street closer to its record

AI-linked shares are pulling Wall Street closer to its record, with Tuesday’s rally driven by big movers in the S&P 500. The S&P 500 rose 0.6% and is now within 1.3% of its all-time high from earlier this month. The Nasdaq was up 1.1%, while the Dow gained slightly less than 0.1%. Most S&P 500 stocks fell, but gains in influential AI names offset the weakness. Those stocks are set for a second straight winning day after weeks of concern over expensive borrowing costs for data centers and AI chips. Broadcom climbed 4% after a $63 billion financing deal tied to Anthropic’s access to its XPU AI accelerators. Nvidia rose 0.9% and helped lead the S&P’s strength, while CoreWeave jumped 7.8%. GM rose 5.4% on a move from the NYSE to Nasdaq. Boeing sank 9.4% after a larger-than-expected quarterly loss.