S&P 500 Hits Record as AI Tech Stocks Surge

The S&P 500 reached a record-high close thanks to the surge in tech stocks like Sandisk. Favorable inflation data suggests the Federal Reserve may keep interest rates steady. AI-driven gains by companies such as Microsoft and Amazon have allayed concerns over high spending on AI infrastructure, boosting market confidence.

The S&P 500 achieved a record milestone on Thursday, buoyed by notable performances from tech giants Sandisk and Micron, amid encouraging inflation data. The data reinforced hopes that the Federal Reserve would hold interest rates steady in their upcoming September meeting, propelling the index to new heights.

Technology stocks continued to accentuate market optimism, as seen in Monday's trades where Sandisk rose 13.7% and Micron climbed 4.2%. Meanwhile, CoreWeave saw a slight dip after a major rally the previous day following revised capital expenditure forecasts.

While the broader rally persists, companies like Microsoft and Amazon's strong projections quashed investor fears about AI infrastructure investments. U.S. producer prices held steady, further supporting investor sentiment as the stability in job markets continues.