Wall Street is back at record highs.
The S&P 500 climbed above 7,830 on Tuesday, breaking its previous intraday record from August, while the Nasdaq-100 extended its own record run after reaching an all-time high above 31,100.
The rally is being powered by a familiar force: artificial intelligence.
Nvidia, Microsoft and other mega-cap technology names continue to attract investors ahead of third-quarter earnings, with analysts expecting another strong period of profit growth from AI-related companies.
But the macro backdrop is also helping.
Oil prices have fallen back below $100 a barrel, easing some of the inflation fears that pressured markets earlier this year. Treasury yields also retreated from recent highs, giving growth stocks additional breathing room.
The move is especially notable because the 10-year Treasury yield remains near levels last seen more than two decades ago.
That means investors are effectively betting that corporate earnings growth — particularly from AI and technology — can offset the pressure from expensive borrowing costs.
The risk is market breadth.
Much of the rally remains concentrated in technology and AI-linked companies, leaving the indexes vulnerable if earnings expectations begin to weaken.
Bottom line: Wall Street is making records again, and for now, investors are still choosing AI growth over macro fear.