01:39 PM EDT, 05/13/2025 (MT Newswires) -- Tech stocks rose Tuesday afternoon with the Technology Select Sector SPDR Fund (XLK) rising 2.4% and the SPDR S&P Semiconductor ETF (XSD) climbing 2.8%.

The Philadelphia Semiconductor Index jumped 3.3%.

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, Nvidia ( NVDA ) shares rose 6.5%. The company formed a partnership with Humain, a subsidiary of Saudi Arabia's Public Investment Fund, to build AI factories in the country over five years with a projected capacity of up to 500 megawatts. Separately, the Trump administration is considering allowing the United Arab Emirates to import 1 million advanced Nvidia ( NVDA ) chips, Bloomberg reported Tuesday.