Shares of technology companies rose on continued momentum in the sector.
The SPDR Select Sector Technology exchange-traded fund, which tracks the tech industry group of the broad S&P 500, rose by 0.8% to a record high.
Nvidia added to gains, extending its lead as the world's largest company by market capitalization.
Fears that tech companies' extensive AI capital expenditure will not be justified by earnings improvements are overblown, said analysts at brokerage UBS.
Return on these investments "should support the 'AI trade' into 2026 and beyond," said the UBS analysts.
Apple, the longtime holder of that crown, fell further behind Nvidia and Microsoft after analysts at brokerage JPMorgan cut their price target on the company's shares, citing likely slow adoption of the soon-to-launch iPhone 17 and tariff pressures.
Separately, Apple reworked the terms and conditions for developers that use its highly lucrative App Store in the European Union in a bid to avoid racking up more fines under the EU's digital antitrust law.
In a sign that Jeff Bezos is attempting to capitalize on a rift between President Trump and former adviser, SpaceX Chief Executive Elon Musk, the Blue Origin founder talked to Trump at least twice this month, and the space company's CEO, Dave Limp, met with the president's chief of staff.
CoreWeave is in talks to acquire Core Scientific after the AI company's unsuccessful attempt to buy the digital-infrastructure firm about a year ago.
Separately, Tesla parted ways with a top aide to CEO Musk, Omead Afshar, who was in charge of sales and manufacturing operations in North America and Europe.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
June 26, 2025 17:13 ET (21:13 GMT)
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