Summary
- AI infrastructure stocks lifted the S&P 500 and Nasdaq to record closes despite higher interest rates and elevated energy prices.
- Analysts expect S&P 500 earnings to grow 30.6%, with AI infrastructure beneficiaries contributing more than half of projected earnings growth.
- xStocks and Ondo offer tokenized SPY and QQQ products, providing onchain exposure to the S&P 500 and Nasdaq 100 respectively.
AI infrastructure stocks drove Wall Street’s record-setting session on Tuesday, with Nvidia approaching a $6 trillion valuation amid growing investment expectations. Investors pushed the S&P 500 and Nasdaq Composite to record closing levels despite higher borrowing costs and elevated energy prices.
The S&P 500 climbed 0.58% to 7,818.95, while the Nasdaq Composite gained 0.45% to finish at 27,599.79. Meanwhile, the Dow Jones Industrial Average advanced 0.49% to 51,521.04, remaining just over 5% below its August record.
Nvidia reached another all-time high as demand for AI computing infrastructure supported gains across chipmakers and related energy suppliers. Among other semiconductor companies, Marvell Technology climbed 5.8% following an increase in its 2028 revenue forecast, citing data center demand.
AMD added 2.8% as CEO Lisa Su outlined plans to substantially increase chip supply during 2027 to meet AI demand. Beyond chipmakers, Constellation Energy surged 12.3% following a 3,590-megawatt power agreement with Google, extending gains across the AI infrastructure trade.
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Those advances helped equities overcome pressure from the Federal Reserve’s September interest rate increase, its first hike since 2023. The central bank raised rates by 25 basis points, adding to a difficult backdrop for stocks alongside rising Treasury yields.
War in Iran also pushed crude above $100 per barrel, while long-term Treasury yields reached their highest levels in over two decades. Despite those pressures, the S&P 500 has gained approximately 14.2% this year, compared with roughly 18.7% for the Nasdaq.
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Earnings Expectations and Tokenized ETFs Extend the AI Rally’s Reach
Attention now turns to third-quarter corporate results, with investors seeking evidence that AI infrastructure spending supports stronger revenue and profits. According to LSEG, analysts expect S&P 500 earnings to increase 30.6% from a year earlier, with technology earnings rising 66.5%.
Goldman Sachs estimates that companies benefiting from AI infrastructure investment account for more than half of expected S&P 500 earnings growth. Alongside the stock market advance, tokenized investment platforms offer blockchain-based access to ETFs holding many companies driving the rally.
Investors can access products linked to the SPDR S&P 500 ETF Trust through xStocks’ SPYx and Ondo Finance’s SPYon. Both offerings provide exposure to the underlying ETF, which tracks the S&P 500, rather than directly tokenizing the index itself.
Additionally, xStocks offers QQQx, and Ondo provides QQQon, with both products tied to the technology-heavy Invesco QQQ Trust. QQQ tracks the Nasdaq 100, a separate benchmark from the broader Nasdaq Composite that posted Tuesday’s record closing level.
Its holdings include many large technology and AI companies, connecting these tokenized products to a significant part of the rally. Wall Street’s record closes place AI-linked earnings expectations alongside expanding on-chain equity access as major developments surrounding the latest market advance.
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