The Nasdaq 100 crossed the 30,000-point threshold during Tuesday's intraday session as a powerful semiconductor rally swept across Wall Street, led by Micron Technology Inc. (NASDAQ:MU), with shares that surged 18%, putting the stock up more than 200% year-to-date and on track for its best trading day since April 2025.

The move came as Wall Street analysts continued lifting expectations for AI-related spending by hyperscalers, triggering a fresh wave of price-target hikes across companies tied to artificial intelligence infrastructure.

• Micron Technology stock is approaching key resistance levels. What’s driving MU to record levels?

UBS analyst Timothy Arcuri lifted Micron’s price target to $1,625 from $535, the highest forecast on Wall Street, calling for $100-plus EPS power between 2027 and 2029 driven by AI memory demand. The move took Micron’s market capitalization above $1 trillion for the first time. 

Aside from Micron, semiconductor stocks dominated market leadership.

The five top-performing stocks in the S&P 500 on Tuesday were all chip-related names, while SanDisk Corp. (NASDAQ:SNDK) and Western Digital Corp. (NASDAQ:WDC) extended their near-parabolic rallies, each gaining roughly 9% on the session.

By 12:45 p.m. ET in New York, the S&P 500 rose 0.6% to 7,517, while the Dow Jones Industrial Average bucked the trend and fell about 100 points, or 0.2%, to 50,478.

The Nasdaq 100 jumped 1.1% to 29,812, on pace to notch a fresh record-high closing. The Russell 2000 outperformed, surging 1.7% to 2,918, hitting fresh record highs.