03:54 PM EDT, 05/14/2024 (MT Newswires) -- Tech stocks were higher late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) adding 0.9% and the SPDR S&P Semiconductor ETF (XSD) climbing 1.7%.

The Philadelphia Semiconductor index gained 1.5%.

In corporate news, Alphabet's (GOOG) Google ( GOOG ) said Tuesday it's making available a new version of its search engine that includes artificial intelligence-backed responses to users in the US this week. Alphabet shares rose 0.9%.

Taiwan Semiconductor Manufacturing ( TSM ) intends to start construction of its first European plant in Q4 in Dresden, Germany, Reuters reported Tuesday, citing Paul de Bot, the company's European chief. Its shares spiked 3.4%.

Oracle (ORCL) executives are discussing a $10 billion deal to rent cloud servers over a period of years to Elon Musk's artificial intelligence startup xAI, the Information reported. Oracle shares spiked 3.8%.

Alibaba ( BABA ) shares tumbled 6.4% after it reported weaker-than-expected fiscal Q4 earnings despite revenue gains in the company's e-commerce, cloud and logistics segments.