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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.