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Sector Update: Tech Stocks Advance Premarket Tuesday

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Technology stocks were advancing premarket Tuesday, with the State Street Technology Select Sector SPDR Fund (XLK) 0.2% lower and the State Street SPDR S&P Semiconductor ETF (XSD) advancing by 3%.

Marvell Technology (MRVL) shares were up more than 16% after multiple news outlets reported that Nvidia (NVDA) chief executive officer Jensen Huang called the chipmaker the next "trillion-dollar company."

Hewlett Packard Enterprise (HPE) stock was up more than 27% after the company reported higher fiscal Q2 adjusted earnings and revenue, and raised its fiscal 2026 outlook.

STMicroelectronics (STM) shares were up more than 9% after the company said it now expects to generate data center revenue of $1 billion this year, compared with its previous guidance of "nicely above $500 million."

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