S&P 500 and Nasdaq 100 edge higher as chip and AI infrastructure stocks rally
US equities are modestly higher, led by AI and semiconductor names (ASML, LRCX, AMD, MRVL, TXN, ARM, INTC) amid expectations for strong Q2 earnings, with AI spending cited as a major EPS driver. Better-than-expected US housing data and firmer China PMIs support the growth narrative. Bitcoin's decline is weighing on crypto-linked equities (MSTR, COIN, MARA, RIOT), adding cross-asset divergence.
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Technology shares led gains, with AI infrastructure-linked chipmakers including ASML, Lam Research, KLA, AMD, Marvell, Texas Instruments, Applied Materials, ARM and Intel each rising more than 1%. AI spending is expected to drive results, with forecasts pointing to AI infrastructure stocks contributing nearly 60% of the S&P 500’s Q2 earnings-per-share growth. Some crypto-exposed stocks such as MicroStrategy, Coinbase and Riot came under pressure as bitcoin fell.