The S&P 500 index has notched its ninth consecutive day of gains, matching its longest winning streak since 1995. As developments unfold in the Middle East, traders are piling into artificial intelligence stocks.

The S&P 500 closed up 0.1%, extending its recent steady performance, with semiconductor shares leading a reversal from earlier losses.

The tech-heavy Nasdaq 100 index climbed 0.5%. Both indices hit fresh all-time highs.

Marvell Technology, Inc. (NASDAQ: MRVL)

Marvell was one of the day's top performers, with its stock surging 33% after NVIDIA's CEO, Jensen Huang, predicted the company would become the next trillion-dollar enterprise.

Hewlett Packard Enterprise (NYSE: HPE)

Hewlett Packard Enterprise shares jumped 19.47% after the company's full-year sales outlook surpassed Wall Street expectations, citing a significant surge in demand for its server and networking business driven by artificial intelligence.

The frenzy for artificial intelligence appears to have returned, with investors continuing to rotate into stocks seen as beneficiaries of the technology's expansion.

John Belton, a portfolio manager at Gabelli Funds, noted that cyclical stocks had once led the market, but that trade has lost momentum as the Iran conflict persists.

Nonetheless, traders remain cautious about the scale of AI-related expenditures.

Alphabet Inc. (NASDAQ: GOOGL)

Alphabet Inc. fell 3.9% as the Google parent company plans to raise $80 billion in equity capital to support its ambitious artificial intelligence spending plans.

The latest economic data also provided support for the stock market advance. US job openings in April rose to the highest level in nearly two years, while layoffs declined.

Former US President Donald Trump continued to express optimism that the US and Iran would soon reach an interim peace agreement.

On Tuesday, Trump refuted reports from Iranian state media that US-Iran negotiations had been suspended due to the situation in Lebanon, stating that dialogue has been "ongoing," including "today."

At the close, the S&P 500 index was up 0.1% at 7,609.78 points.

The Dow Jones Industrial Average rose 0.5% to 51,307.79 points.

The Nasdaq Composite was essentially flat at 27,093.9 points.

The Nasdaq 100 index gained 0.5% to 30,660.6 points.

The Russell 2000 index increased 0.9% to 2,931.963 points.