Dow, S&P 500 Hit Records as HPE Jumps 26% and Alphabet Plans $80 Billion AI Raise
Updated
Updated · Reuters · Jun 2
Dow, S&P 500 Hit Records as HPE Jumps 26% and Alphabet Plans $80 Billion AI Raise
3 articles · Updated · Reuters · Jun 2
The Dow rose 0.31% to 51,234.72 and the S&P 500 gained 0.23% to 7,617.43, both setting fresh intraday records as AI-linked stocks extended Wall Street’s rally.
Hewlett Packard Enterprise surged about 26% after pulling forward long-term targets by two years, while Alphabet’s plan to raise $80 billion for AI infrastructure reinforced spending optimism even as its shares fell nearly 2.5%.
Marvell jumped more than 26% after Nvidia CEO Jensen Huang called it the next “trillion dollar company,” helping lift chipmakers 5%, though software stocks slid 3.7% as a recent rebound lost steam.
The advance came despite lingering macro risks: oil-price volatility tied to U.S.-Iran tensions, Cleveland Fed President Beth Hammack’s warning that rates may need to rise, and markets largely pricing out 2026 rate cuts.