03:58 PM EDT, 06/11/2024 (MT Newswires) -- Tech stocks were rising late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) adding 1.6% and the SPDR S&P Semiconductor ETF (XSD) up 0.2%

The Philadelphia Semiconductor Index shed 0.1%.

The Biden administration is considering additional restrictions on China's access to chip technology used for artificial intelligence, Bloomberg reported. The new restrictions will limit China's ability to use gate all-around chip architecture and are aimed at increasing the difficulty of assembling systems for building and operating AI models, the report said.

In corporate news, Airship AI (AISP) shares surged nearly 48% after the company said it secured a six-figure contract with a US Department of Justice agency for the Acropolis Enterprise Sensor Management video and data management platform.

Apple ( AAPL ) shares jumped 7%, a day after the company announced a partnership with OpenAI along with several new products.

Tesla (TSLA) Chief Executive Elon Musk said he would ban Apple ( AAPL ) devices at his companies if the iPhone maker integrates OpenAI into its operating systems. Tesla shares were falling 2%.

Spotify ( SPOT ) will unveil a new plan later this year that would charge at least $5 more per month for access to better audio and new tools for creating playlists and managing song libraries, Bloomberg reported Tuesday. Spotify ( SPOT ) shares were fractionally higher.