US stocks tick higher as Broadcom and other AI companies lift market

NEW YORK — Wall Street is ticking higher Tuesday as stocks in the artificial-intelligence industry support the market, at least for now. The S&P 500 rose 0.5 percent and pulled within 1.3 percent of its all-time high set earlier this month. The Dow Jones Industrial Average was up 27 points, or 0.1 percent, as of 11 a.m. Eastern time, and the Nasdaq composite was 0.9 percent higher. The majority of stocks within the S&P 500 were falling, but gains for several influential AI stocks made up for that. Such stocks have been 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 3.3 percent 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, Advanced Micro Devices rose 4 percent and was one of the strongest forces pushing up on the S&P 500 after Broadcom. CoreWeave, a company that’s borrowed money to buy