Tech stocks were higher Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.8% and the SPDR S&P Semiconductor ETF (XSD) climbing 3.9%.

The Philadelphia Semiconductor index advanced 3.5%.

In corporate news, Ambarella (AMBA) shares jumped past 18% after Bloomberg reported that the company is reviewing alternatives, which may include a potential sale.

Advanced Micro Devices (AMD) shares rose 6% in recent Tuesday trading after CFRA Research upgraded the stock to strong buy from buy and lifted its price target to $165 per share from $125.

Microsoft (MSFT) will reduce its Xbox division workforce next week amid a company-wide reorganization, Bloomberg reported. Microsoft shares were adding more than 1%.

Nano Labs (NA) shares surged 58% after the company said it has entered into a convertible notes purchase agreement to raise $500 million.