Tech stocks rose Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) gaining 0.4% and the Philadelphia Semiconductor index adding 0.3%.
In company news, Alphabet’s (GOOG) Google and Facebook parent Meta Platforms (META ) are in discussions with Malaysia on possible regulations for the companies to pay news outlets for using their content, Reuters reported. Meta shares were up 1.2%, while Alphabet was 0.3% lower.
SoftBank Group’s (SFTBF) Arm Holdings plans to raise as much as $4.87 billion in an initial public offering with several technology giants indicating an interest to buy up to $735 million worth of American depositary shares.
Intel (INTC) will provide foundry services and manufacturing capacity to support Tower Semiconductor (TSEM) as part of an agreement that will see Tower invest up to $300 million in Intel’s manufacturing facility in New Mexico, the companies said. Tower Semiconductor shares were down 1.5%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Image and article originally from www.nasdaq.com. Read the original article here.