Technology stocks were advancing premarket Tuesday, with the State Street Technology Select Sector SPDR Fund (XLK) 0.9% higher and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.5%.

Advanced Micro Devices (AMD) stock was up more than 10% after the company said it has signed a multi-year partnership with Meta Platforms (META), under which the latter will purchase up to 6 gigawatts of AI chips to support its expanding infrastructure.