03:51 PM EDT, 06/24/2025 (MT Newswires) -- Tech stocks gained late Tuesday afternoon with the Technology Select Sector SPDR Fund (XLK) rising 1.8% and the SPDR S&P Semiconductor ETF (XSD) climbing 3.7%.

The Philadelphia Semiconductor index advanced 3.6%.

In corporate news, Broadcom ( AVGO ) shares rose 3.6% after HSBC upgraded the stock to buy from hold and set a $400 price target.

Ambarella ( AMBA ) shares jumped 19% after Bloomberg reported that the company is reviewing alternatives, which may include a potential sale.

Advanced Micro Devices ( AMD ) shares rose 6.5% after CFRA Research upgraded the stock to strong buy from buy and lifted its price target to $165 from $125.

Microsoft ( MSFT ) will reduce its Xbox division workforce next week amid a company-wide reorganization, Bloomberg reported. Separately, Microsoft ( MSFT )-backed (MSFT) OpenAI has been working on new features for ChatGPT that would allow users to collaborate on documents and communicate through ChatGPT, The Information reported. Microsoft ( MSFT ) shares rose 0.9%.

Nano Labs (NA) shares surged 39% after the company entered into a convertible notes purchase agreement to raise $500 million.