03:35 PM EST, 01/28/2025 (MT Newswires) -- Tech stocks were rising late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) gaining 2.8% and the SPDR S&P Semiconductor ETF (XSD) up 1.1%.

The Philadelphia Semiconductor index climbed 1.5%.

In corporate news, Bets against Nvidia ( NVDA ) amid a surge in interest for Chinese AI startup DeepSeek yielded one-day gains of about $6.6 billion for short sellers, Reuters reported, citing data analytics firm Ortex. Short positions in Broadcom ( AVGO ) resulted in over $2 billion in profits, the report said. Nvidia ( NVDA ) shares were rising 7.8% and Broadcom ( AVGO ) was up 2.9%.