US stock market hits all-time high as investors bet big on AI

The United States stock market has hit an all-time high as excitement around artificial intelligence continues to fuel a buying frenzy on Wall Street. The S&P 500, the benchmark stock index, closed 0.58 percent higher on Tuesday, topping the previous peak reached in mid-August. The Nasdaq Composite, which is more heavily weighted towards tech stocks, also hit a record high, finishing up 0.45 percent. Tech stocks were among the top performers, with each of the “Magnificent Seven” apart from Meta closing higher. Amazon led the pack with a 1.95 percent gain, followed by Microsoft and Tesla, which rose 0.78 percent and 0.51 percent, respectively. Apple and Alphabet both rose 0.22 percent, while Nvidia gained 0.14 percent.