03:32 PM EDT, 03/26/2024 (MT Newswires) -- Tech stocks were mixed late Tuesday afternoon with the Technology Select Sector SPDR Fund (XLK) little changed and the SPDR S&P Semiconductor ETF (XSD) up 0.1%.

The Philadelphia Semiconductor index eased 0.2%.

In corporate news, Seagate Technology ( STX ) is headed for "a period of structurally stronger gross margins," aided by a cyclical recovery and the expected rise in demand for generative artificial intelligence, Morgan Stanley said in a note, upgrading the company to overweight from equal weight and boosting the price target. Seagate ( STX ) shares surged 8.3%.