STORY: Wall Street's main indexes gained on Tuesday, with the Dow adding nearly three-quarters of a percent, and the S&P 500 and Nasdaq notching record high closes, climbing eight-tenths of a percent and one percent, respectively.
With the U.S.-Iran ceasefire holding, investors turned their focus to quarterly earnings and AI-related companies.
Shares of Super Micro Computer rallied more than 18% in extended trading after the company forecast quarterly revenue above Wall Street estimates, banking on robust demand for its AI servers.
:: AMD
And shares of Advanced Micro Devices, which closed 4% higher, climbed further in extended trading after the chipmaker also forecast quarterly revenue above estimates, betting on resilient demand for its data-center chips as cloud providers accelerate spending on AI infrastructure.
Brad Conger is chief investment officer at Hirtle & Co.
"So the stock market is continuing this trend of hardware, semiconductors, networking devices just benefiting from the very strong capex forecast that we heard last week from the hyperscalers."
In other tech news, shares of Intel surged nearly 13% after Bloomberg News reported that Apple had held exploratory discussions about enlisting the company's chipmaking services to produce the main processors for its devices.
The surge in chip stocks sent the Philadelphia semiconductor index up more than 4% to a record high. The index is now up 55% this year.
Among other movers, shares of DuPont rallied nearly 8.5% after the industrial materials maker lifted its annual profit forecast.
And shares of Pinterest soared almost 7% after the image-sharing platform forecast second-quarter revenue above analysts' estimates.
