US Stocks-S&P 500 notches record-high close as rate-hike worries ease

Memory chip makers Sandisk SNDK.O and Micron Technology MU.O surged 13.7% and 4.2%, respectively, while Microsoft added almost 1% and Meta Platforms META.O rose 2.8%.

Shares of AI cloud company CoreWeave CRWV.O dipped 1.3%. The stock surged 19% a day earlier after the company lifted its annual capital spending forecast.

Strong forecasts in recent weeks from companies including Microsoft and Amazon AMZN.O have reduced investors' concerns about massive spending on AI data centers.

"The AI earnings-driven tech boom continues," said Jay Hatfield, CEO of Infrastructure Capital Advisors in New York. "It's an earnings boom, not a bubble."

Cisco Systems CSCO.O dropped 8.4% after the networking equipment maker's upbeat revenue forecast did not satisfy investors with high expectations.