Stocks Get Tech Lift in Run-Up to AI Earnings Test: Markets Wrap

A rally in the world’s largest technology companies sent stocks to all-time highs amid speculation that artificial intelligence will keep driving earnings for the group that has powered the bull market.

While most shares in the S&P 500 took a breather after a torrid run, tech megacaps kept rising. Microsoft Corp. finalized a new pact with OpenAI that will give the software giant a 27% ownership stake worth about $135 billion. Apple Inc. briefly topped $4 trillion while Nvidia Corp. Chief Executive Officer Jensen Huang dismissed concerns about an AI bubble.

Tech climbs on AI optimism.

Photographer: Michael Nagle/Bloomberg

On Wednesday and Thursday, five big techs accounting ...