03:40 PM EDT, 05/13/2025 (MT Newswires) -- Tech stocks rose late Tuesday afternoon with the Technology Select Sector SPDR Fund (XLK) rising 2.4% and the SPDR S&P Semiconductor ETF (XSD) climbing 3%.

The Philadelphia Semiconductor Index jumped 3.2%.

In sector news, President Donald Trump said Saudi Arabia committed to invest $600 billion in the US with an initial focus on energy, defense, technology, global infrastructure and critical minerals. Alphabet's (GOOG) Google, DataVolt, Oracle (ORCL), Salesforce (CRM) and Uber (UBER) are pledging to invest $80 billion in technologies in both countries, according to a White House statement.

In corporate news, Intel ( INTC ) faces a lawsuit alleging the company avoided $1 billion in losses by making stock sales in Mobileye (MBLY) based on insider information related to its majority stake, Bloomberg reported. Intel ( INTC ) shares rose 1.8%, and Mobileye climbed 2.4%.