The S&P closed at a record, and Google signed up Constellation for 20 years

The S&P 500 rose 0.58% to 7,818.93, a record close and, per Yahoo, its first since August. The Nasdaq Composite added 0.45% to another record at 27,599.79. The Dow gained 0.49%, while small caps slipped 0.59%.

Yields gave back Monday's rise and then some. The two-year fell 5bp to 4.79%, the ten-year 4bp to 5.27% and the thirty-year 2bp to 5.64%.

At its investor day Marvell guided to about $20bn of revenue in fiscal 2028, which it put at roughly 67% growth, and set a target of $70bn to $90bn by fiscal 2031, built on custom chips and networking for the hyperscalers. It sizes its AI market at about $400bn by 2030. The stock dipped 3% as the meeting opened, then closed up 5.81% at $287.01.

AMD's chief executive told reporters in Taiwan the company will "substantially increase" supply next year, saying there's "very, very high demand for the next several years" and it needs more advanced wafer capacity. Citi raised its price target to a Street-high $800 from $575, tying the call to AI agents like Meta's Muse driving CPU demand. The stock rose 2.80% to a record close of $649.42.

Google agreed to back 890 megawatts of new nuclear capacity from Constellation on the PJM grid over 20 years, across Illinois, Pennsylvania and New Jersey, with Constellation putting in more than $4.3bn and the first added capacity due in 2028. A separate 15-year deal supplies another 2,700 megawatts. Constellation rose 12.25% to $300.40.

The FT reported that McKesson and private equity firm Clayton Dubilier & Rice are close to buying Option Care Health, the largest independent home-infusion provider in the US, in a deal worth more than $5bn including debt. Nothing has been announced. The stock rose 32.65% to $31.00.