Technology shares were broadly higher led by gains in Apple and Oracle.

Apple's rising share price lifted the iPhone maker's market cap above that of Microsoft for the first time since January. Last week, a rally in Nvidia shares briefly gave it a higher market value than Apple.

Shares of Oracle also hit a record high after the company touted several major artificial-intelligence contracts and said it expects demand to continue to accelerate.

The cloud-software provider also reported quarterly results that fell short of Wall Street expectations.

Chief Executive Safra Catz said the company signed the largest sales deals in its history off the back of surging demand for training AI models on Oracle's cloud infrastructure. The company said it had signed more than 30 AI sales contracts that were together worth more than $12.5 billion.

Oracle late Tuesday also announced deals with Alphabet-owned Google Cloud and separately with Microsoft's Azure and OpenAI.

Write to Patrick Sullivan at

(END) Dow Jones Newswires

06-12-24 1624ET