U.S. stocks are drifting near a record as Wall Street’s recent rally loses some momentum. The S&P 500 slipped 0.1% in early trading Thursday, a day after after pulling to the edge of its all-time high set in early December.

Micron (NASDAQ: MU) makes memory chips and storage for phones and computers. However, these chips can also be used for data centers and it is now one of the key players in the AI business. The stock is down 24% from its peak but analysts are eyeing a massive rebound here.

BMO Capital Markets forecasts the S&P 500 will reach 6,700, reflecting a gain of 13.2%. Chief investment strategist Brian Belski said he and his team "remain resolutely bullish," but expect "performance and fundamentals will more closely match the historical norms -- namely, in the high-single digit/low-double-digit percentage range in 2025."

U.S. stock indexes are drifting higher following a mostly encouraging batch of profit reports from big companies.

Netflix, Oracle and other technology stocks are lifting U.S. indexes as their profits pile higher and excitement builds around the moneymaking prospects of artificial intelligence. The S&P 500 rose 0.

All told, the S&P 500 rose 37.13 points, the Dow Jones Industrial Average gained 130.92 and the Nasdaq composite jumped 252.56.

Stocks in Asia moved higher after a morning briefing by Chinese officials showed the government remains determined to boost share prices.