04:00 PM EDT, 06/25/2024 (MT Newswires) -- Tech stocks were rising late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) gaining 1.7% and the SPDR S&P Semiconductor ETF (XSD) adding 0.7%.

The Philadelphia Semiconductor index climbed 1.6%.

In corporate news, MicroStrategy ( MSTR ) spiked past 7% after Maxim started coverage of the company with a buy rating and a $1,835 price target.

Bit Digital ( BTBT ) surged 38% after it said Tuesday it completed a deal to supply an unnamed existing customer with an additional 2,048 graphics processing units over three years.

Meta Materials ( MMAT ) and two former chief executive officers, John Brda and George Palikaras, face charges of market manipulation and fraud from the US Securities and Exchange Commission, the agency said Tuesday. Brda said in a post on X that the two will "defend these accusations with everything we have." Meta Materials ( MMAT ) shares fell 3.4%.

Microsoft ( MSFT ) breached EU antitrust rules by bundling its Teams application with core Office 365 and Microsoft ( MSFT ) 365 product suites, the European Commission said. Microsoft ( MSFT ) shares were rising 0.6%.