The Nasdaq 100 surpassed 30,000 for the first time Tuesday, extending a record run powered by gains in semiconductor stocks and renewed investor demand for AI linked equities.

The US 100 Index rose 1.77% to 30,002.45, crossing the 30,000 point threshold for the first time in history, according to Yahoo Finance data.

The rally was led by chipmakers, with Nasdaq 100 futures also crossing 30,000 as Micron surged nearly 15% following a bullish UBS upgrade, while Sandisk, Western Digital, AMD, and Nvidia also advanced. The move reflected renewed euphoria around semiconductor stocks, which remain central to the market’s AI trade.

Reuters reported that the S&P 500 and Nasdaq rose Tuesday as AI optimism offset concerns tied to Middle East risks. Semiconductor stocks led the advance, with Micron gaining nearly 17%, Qualcomm rising 5.3% after a reported AI chip deal with ByteDance, and the Philadelphia Semiconductor Index reaching an all time high.

The milestone underscores how concentrated AI and chip demand have continued to drive US equity benchmarks higher. The Nasdaq 100 tracks 100 of the largest domestic and international non financial companies listed on Nasdaq, spanning sectors including software, hardware, telecommunications, retail, and biotechnology.

The latest move also comes as investors weigh stronger corporate earnings against geopolitical and inflation risks. Reuters said S&P 500 first quarter earnings are now expected to grow 29% from a year earlier, while markets remain focused on US inflation data and developments around the Iran conflict.