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Stocks notched records Tuesday as investors crowded into the AI trade ahead of the Federal Reserve’s rate decision. S&P 500, Nasdaq, and Dow set all-time intraday highs, with Nvidia jumping about 5% after unveiling moves at its GTC event, including a $1 billion stake in Nokia to help fund its AI plans. Microsoft rose roughly 2% and, with Apple, topped $4 trillion; OpenAI said its recapitalization is complete, positioning Microsoft’s roughly 27% stake for a windfall. Earnings remain strong—83% of S&P companies reporting beat estimates—while markets eyed an expected Fed cut and easing U.S.-China tensions before a Trump–Xi meeting.

Prepared by Christopher Adams and reviewed by editorial team.