Unstoppable. All three major indexes notched new highs today, marking the fifth day in a row of tandem records.

The S&P 500 rose 0.1% to its 24th record close of the year. The Dow Jones Industrial Average rose 0.5%, its 14th record of the year, and the Nasdaq Composite rose 0.03% to eke out its 20th record of the year.

Chip stocks had a particularly good day, boosted by Jensen Huang’s endorsement of Marvell Technology, which sent the stock surging 32%. At a trade show in Taiwan, Huang said Marvell’s shares could rise fivefold to become the next trillion-dollar company. Nvidia has invested in Marvell, which designs chips, as part of a collaboration that allows customers to use components from both companies to develop semi-custom AI infrastructure

Nvidia also helped shares of nVent, Eaton, Schneider Electric, Vertiv, and Trane Technologies after unveiling new products and partnerships at the conference. And Google’s recent stock sale announcement (more on that later) helped push AI-related stocks higher. The iShares Semiconductor ETF was up 5.8% on Tuesday.

Space stocks were in a frenzy, too, rebounding after a brutal Monday. Rocket Lab, AST SpaceMobile, and Intuitive Machines all closed higher. My colleague, Al Root, says it’s likely the space sector will be volatile heading into the SpaceX IPO as new investors enter the sector.

The onslaught of positive tech news was enough to crowd out conflicting information coming out of the Middle East. Iranian media reported yesterday that Iran was suspending peace talks with the U.S. because of Israel’s ongoing military actions in Lebanon. But President Donald Trump said talks were ongoing, adding that Israel was calling off those attacks.

“Fake News Reports that the Islamic Republic of Iran, and the U.S.A., stopped speaking a few days ago are false and erroneous,” Trump posted on Truth Social on Tuesday. “The conversations between us have been going on continuously, including four days ago, three days ago, two days ago, one day ago, and today.”

The Hot Stock: Hewlett Packard Enterprise +19.5%
The Biggest Loser: Trade Desk -9.1%

Best Sector: Utilities +1.9%
Worst Sector: Communication Services -2.6%

Tech companies are spending big on building out AI infrastructure, and Google’s new equity offering is a sobering reminder that money doesn’t grow on trees.

Google parent company Alphabet said this week it was going to raise $80 billion through equity sales to fund its capital expenditures for 2026 and 2027. Alphabet said the sale will help meet demand for the company’s AI products and services, which is outpacing supply.

But the company’s stock fell 3.9% on Tuesday—its largest decrease since May 2025—reflecting concerns that Big Tech’s AI ambitions are outstripping even their substantial cash flows, writes my colleague Adam Levine.

Alphabet projects its 2026 capex will total around $190 billion, and analysts expect the company’s operating cash flow of $214 billion should be enough to pay for it. But only a slim margin will be left over, and that will put a damper on shareholder returns. Last quarter, Alphabet didn’t buy back any stock for the first time since 2017. The company’s decision to raise money may be an indication that share repurchases are off the table for a while.

There is one investor, though, that isn’t angry about the equity offering: Berkshire Hathaway. Alphabet will issue $10 billion of common stock to Berkshire in a private placement at a roughly 6% discount to Alphabet’s closing price on Monday. My colleague, Andrew Bary, explains the reasoning:

Read Andrew’s full analysis here.

Broadcom, CrowdStrike Holdings, Five Below, Macy’s, and Veeva Systems announce earnings tomorrow.

The ISM releases its Services Purchasing Managers’ Index for May.

The Federal Reserve will release the beige book for the fourth time this year. The report gathers anecdotal information on current economic conditions from the 12 regional Federal Reserve banks.

—Dan Lam

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• SpaceX Halo, Virgin Galactic Reality: Behind a 38% Stock Crash.

• Beyond the AI Boom: 3 Forgotten Sectors to Buy Amid Historic Market Disconnect

• Shake Shack Cuts Outlook Despite New Menu and World Cup. The Stock Is Falling.

• FOMO Is Fueling the AI Stock Frenzy. Marvell Is Just the Latest Sign.

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