Most U.S. stocks are trending higher this afternoon, pushing Wall Street toward new records.
The S&P 500 is up 0.4%, on track to hit an all-time high for the 37th time this year. The Dow Jones Industrial Average has risen 0.3%, and the Nasdaq Composite has increased by 0.5%, adding to its own record.
Leading the charge are major technology companies, a common trend on Wall Street. U.S.-listed shares of Taiwan’s TSMC surged 2.7% after announcing a nearly 33% revenue increase in June compared to last year.
TSMC manufactures chips for companies like Nvidia, which are at the forefront of the business world’s move into artificial intelligence technology.
The promise of substantial future profits from AI has propelled Nvidia to remarkable heights over the past year. Nvidia’s stock rose another 2.2% today, bringing its year-to-date gain to 179%, once again serving as the strongest driver pushing the S&P 500 upward.
