Broadcom and other AI stocks lift Wall Street closer to its record

NEW YORK (AP) — Stocks in the artificial-intelligence industry are leading Wall Street higher on Tuesday, as their yo-yo moves swing back upward. The S P 500 rose 0.7% and pulled within 1.1% of its all-time high set earlier this month. The Dow Jones Industrial Average was up 98 points, or 0.2%, as of noon Eastern time, and the Nasdaq composite was 1.3% higher. The majority of stocks within the S P 500 were falling, but the gains for influential AI stocks made up for that. AI stocks are on track for a second winning day after swerving for weeks on worries about whether their boom is under threat because of how expensive it’s become for companies to borrow money to build data centers and buy more AI chips. Broadcom climbed 4.1% after announcing a $63 billion financing deal where several Wall Street firms will help Anthropic get access to Broadcom s XPU AI accelerators and networking solutions. Elsewhere in the industry, Nvidia rose 1.3% and was the only force stronger than Broadcom pus