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Sector Update: Tech Stocks Gain Late Afternoon

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Tech stocks were higher late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) adding 1% and the State Street SPDR S&P Semiconductor ETF (XSD) popping 5.8%.

The Philadelphia Semiconductor index climbed 5.2%.

In corporate news, Hewlett Packard Enterprise (HPE) shares jumped past 18% after the company reported fiscal Q2 earnings ahead of analysts' forecasts.

Marvell Technology (MRVL) shares surged nearly 31% after multiple news outlets reported that Nvidia (NVDA) Chief Executive Jensen Huang called the chipmaker the next "trillion-dollar company."

STMicroelectronics (STM) shares popped 15% after it said Tuesday that it now expects to generate data center revenue of about $1 billion in 2026, compared with previous guidance of more than $500 million.

Alphabet (GOOG, GOOGL) said Monday it plans to raise $80 billion in equity to help fund investments in AI compute infrastructure, including a $10 billion private placement to Berkshire Hathaway (BRK.A, BRK.B), split evenly between class A common stock at $351.81 per share and class C capital stock at $348.20 per share. Alphabet's Class A shares fell 3.6%, and its Class C shares were down 3.4%.

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