U.S. stocks rise on AI momentum ahead of major tech earnings, with semiconductor index hitting longest winning streak on record

U.S. semiconductor stocks achieved their longest winning streak on record; the Magnificent Seven tech giants rose nearly 20% since late March; the broader market notched a series of record highs last week, with the benchmark well north of the 7000-point mark.

Renewed focus on AI has driven the recent stock gains, with compute deals, hyperscaler capital expenditure commitments, and early semiconductor earnings reinforcing confidence in the theme's structural growth durability, according to Anthony Saglimbene, chief market strategist at Ameriprise.

Major tech earnings are scheduled for this week, creating a critical juncture with limited room for error given the stock gains already realized.