Tech stocks were higher late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.7% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.4%.

The Philadelphia Semiconductor index increased 0.7%.

In corporate news, Nvidia (NVDA)-backed cloud computing firm Lambda is raising up to $4 billion in a final funding round ahead of its planned initial public offering in 2027, The Wall Street Journal reported. The new funding would give Lambda a valuation of $14.5 billion, excluding the amount raised, the report said. Nvidia shares were up 0.4%.