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Sector Update: Tech Stocks Gain Tuesday Afternoon

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Tech stocks were higher Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) up 0.5% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.4%.

The Philadelphia Semiconductor index climbed up 1.7%.

In corporate news, Intel (INTC) is expected to raise personal computer central processing unit prices by another 10% in early October, Digitimes reported, citing supply chain sources. Intel shares jumped past 10%.

Palantir (PLTR) and Nebius (NBIS) agreed on a strategic partnership that will give Palantir commercial customers access to Nebius' AI-native compute infrastructure and cloud platform, the companies said Tuesday. Nebius shares surged 11%, and Palantir was down 1.3%.

Qualcomm (QCOM) issued a warrant to an Amazon.com (AMZN) affiliate last week to acquire up to 25 million shares at $161.26 each, the chipmaker said. Qualcomm is also collaborating with Amazon to produce customized silicon for AI data centers and optical connectivity products. Qualcomm shares rose 3.3%, and Amazon was shedding 0.6%.

GE Aerospace (GE) agreed to acquire Consolidated Precision Products from Warburg Pincus and Berkshire Partners for $11.75 billion. GE Aerospace shares were up 0.3%.

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