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Sector Update: Tech Stocks Rise Tuesday Afternoon

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Tech stocks were higher Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) up 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 2%. The Philadelphia Semiconductor index climbed up 2.9%.

In sector news, DeepSeek has started preparing for its initial public offering in China, targeting a filing by year-end or early 2027, Bloomberg reported.

In corporate news, the US has approved purchases of advanced AI chips from Nvidia (NVDA) and Advanced Micro Devices (AMD) by a ZTE unit and two other Chinese firms, Reuters reported. Nvidia shares rose 3.9%, and AMD added 4.3%.

CleanSpark (CLSK) has signed a 20-year infrastructure lease agreement with a global technology firm for its Sandersville, Georgia, data center campus in a deal expected to generate about $6.6 billion in contracted revenue over the initial term, the company said Tuesday. CleanSpark shares jumped past 5%.

IBM (IBM) shares tumbled 24% after its preliminary Q2 results fell short of Wall Street's expectations, with Chief Executive Arvind Krishna calling the performance "disappointing."

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