Nasdaq Composite and S&P 500 close Tuesday's session at new records, with AI trade and chip stock rallies driving market gains

The Nasdaq Composite (^IXIC) and S&P 500 (^GSPC) are on track to close Tuesday's session at new records.

The AI trade and rallies in chip stocks are the biggest catalysts for markets trading at all-time highs.

Ben Carlson, director of institutional asset management at Ritholtz Wealth Management, examines the broader trends dictating market moves.