Sector Update: Tech Stocks Higher Tuesday Afternoon
Tech stocks rose Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) advancing 1% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 1.2%.The Philadelphia Semiconductor index added 1%.In corporate news, Amazon (AMZN) agreed to buy mobile satellite services operator Globalstar (GSAT) as it aims to add direct-to-device services to its Leo satellite network. Amazon shares rose 4.2%, and Globalstar jumped nearly 10%.Nvidia (NVDA) shares rose 2.9% after the company said Tuesday it is launching a family of quantum AI models, Ising, designed to allow companies to build quantum processors that will be able to run useful applications.Bloom Energy (BE) said it will provide up to 2.8 gigawatts of its fuel cell systems to Oracle (ORCL) under an expanded partnership to support the software giant's AI infrastructure buildout. Oracle shares gained 5.7%.High Roller Technologies (ROLR) shares surged 60% after it said Tuesday it has signed an agreement with Crypto.com Derivatives North America to launch an event-based prediction markets offering, initially in the US.