S&P 500 and Nasdaq surge to record highs after AI chipmaker rally

The S&P 500 and Nasdaq closed at a record high after a rally around AI chipmakers and a dip in US treasury yields.
At market’s close, the S&P 500 was up 0.58%, topping 7,800 for the first time in its history. The tech-heavy Nasdaq index rose 0.45%, while the Dow, which is slightly down from its record high in August, climbed 0.49%.
Investors appeared optimistic after recent developments for chipmakers including Marvell Technology, Advanced Micro Devices and Broadcom that showed growth in the markets for the chips used to power AI.
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