US Stocks Hold Near Records as Chip Shares Rally on AI Demand

US stocks held near record highs, with the S&P 500 trading close to 7,540 after grinding higher, as semiconductor shares led the market on renewed enthusiasm for artificial intelligence. Chip stocks rallied after fresh signals of large-scale investment in AI infrastructure: memory maker Micron outlined a major expansion of its US manufacturing plans to meet AI-driven demand, and a US listing by memory rival SK Hynix drew heavy investor interest. The gains extended a powerful run for the sector, which has been the main engine of the broader market's advance this year, even as some investors grow wary of stretched valuations and heavy capital spending. Sentiment stayed resilient despite renewed geopolitical tensions, with traders increasingly focused on the upcoming corporate earnings season as the next catalyst. Analysts cautioned that the market's heavy concentration in a narrow group of AI-related names leaves indices vulnerable to sharp swings if expectations about AI earnings shift. For now, however, positive momentum and strong demand for AI-linked hardware continued to support equities near all-time highs.