(Updates with market close)

* Dell, HP gain after robust earnings from Lenovo ( LNVGF )

* July producer inflation data softer than expected

By Noel Randewich and Avinash P

Aug 13 (Reuters) - The S&P 500 notched a record-high close

on Thursday, fueled by advances in Sandisk ( SNDK ) and other heavyweight

technology stocks, as tame producer price inflation data

supported expectations the Federal Reserve will not raise

interest rates at its September meeting.

Memory chip makers Sandisk ( SNDK ) and Micron Technology ( MU )

surged, while Broadcom ( AVGO ) and Meta Platforms ( META )

also gained.

Strong forecasts in recent weeks from companies including

Microsoft ( MSFT ) and Amazon ( AMZN ) have reduced investors'

concerns about massive spending on AI data centers.

"The AI earnings-driven tech boom continues," said Jay

Hatfield, CEO of Infrastructure Capital Advisors in New York.

"It's an earnings boom, not a bubble."

According to preliminary data, the S&P 500 gained

51.23 points, or 0.66%, to end at 7,799.73 points, while the

Nasdaq Composite gained 215.02 points, or 0.81%, to

26,803.51. The Dow Jones Industrial Average rose 70.91

points, or 0.13%, to 53,833.87.

The S&P 500 is up about 14% in 2026, while the Nasdaq has

gained about 15%.

Cisco Systems ( CSCO ) dropped after the networking

equipment maker's upbeat revenue forecast did not satisfy

investors with high expectations.

Iran and the United States remain at loggerheads over efforts to

agree on a permanent end to the Iran war, according to a senior

Iranian source, while traffic through the vital Strait of Hormuz

remained severely curtailed.

Fresh data showed U.S. producer prices were unchanged in July as

goods prices fell and the cost of services increased marginally,

while the number of Americans filing claims for unemployment

benefits increased moderately last week, pointing to a stable

jobs market.

Traders are pricing in a 63% chance that the Fed will keep

interest rates unchanged at its meeting next month, according to

CME's FedWatch tool.

Brent crude oil futures closed about 2% lower at

$87.07 a barrel.

Netflix ( NFLX ) climbed after billionaire investor Bill Ackman

unveiled a new holding in the streaming company as part of

Pershing Square's biggest portfolio overhaul in years.

Tapestry shares plunged after the Coach owner forecast

muted annual revenue growth.

Dell Technologies ( DELL ) and HP both gained after

quarterly results from China's Lenovo ( LNVGF ) beat

expectations.