Global markets hovered near record highs on Tuesday, driven by continued enthusiasm for artificial intelligence (AI) developments that are fueling gains in major technology stocks.

Futures for the S&P 500, Dow Jones Industrial Average, and Nasdaq remained largely unchanged in early trading ahead of Wall Street’s opening.

IBM emerged as a major gainer in premarket activity, with its shares rising 4.5% after announcing a strategic partnership with Anthropic, the developer of the Claude AI chatbot. The collaboration will integrate Claude into select IBM software products to help clients enhance productivity while safeguarding code security.

Meanwhile, shares of Canada’s Trilogy Metals surged more than threefold overnight after the White House said it would take a 10% equity stake in the company and allow the Ambler Road mining project in Alaska to proceed.

President Donald Trump on Monday approved the construction of a 211-mile road through Alaska’s wilderness to access copper, cobalt, gold, and other critical minerals essential for manufacturing cars, electronics, and advanced technologies. Trilogy is developing the Ambler site in partnership with an Australian mining firm.

While AI-driven optimism continues to push Wall Street to record levels, analysts warn that stock valuations may be rising too quickly.

In Europe, France’s CAC 40 rose 0.3% at midday as investors bought into bargains following Monday’s market drop after Prime Minister Gabriel Attal’s abrupt resignation. The move marked the fourth major leadership change in President Emmanuel Macron’s government in just over a year. Germany’s DAX gained 0.2%, while the UK’s FTSE 100 added 0.3%.

Across Asia, most markets were closed for holidays, including mainland China and Hong Kong. Japan’s Nikkei 225 added only 6 points to close at 47,950.88, nearly erasing Monday’s nearly 5% surge that set a record high.

Investors initially reacted positively after Japan’s ruling Liberal Democratic Party elected conservative Sanae Takaichi as its new leader, positioning her to become Japan’s first female prime minister. Takaichi, a close ally of the late Prime Minister Shinzo Abe, is expected to promote pro-market policies similar to his. However, analysts note she could face resistance both within her party and from opposition groups.

Elsewhere in the region, Australia’s S&P/ASX 200 slipped 0.3% to 8,956.80. Taiwan’s benchmark index jumped 1.7% on strong demand for AI stocks, while India’s Sensex rose 0.3%. Most Southeast Asian markets also traded higher.