03:50 PM EDT, 10/22/2024 (MT Newswires) -- Tech stocks edged up in late Tuesday afternoon trading with the Technology Select Sector SPDR Fund (XLK) fractionally higher and the SPDR S&P Semiconductor ETF (XSD) gaining 0.1%.

The Philadelphia Semiconductor index shed 0.4%.

In corporate news, Microsoft ( MSFT )-backed (MSFT) OpenAI appointed Aaron Chatterji as its first chief economist. OpenAI also named Scott Schools as chief compliance officer. Schools was most recently the chief ethics and compliance officer at Uber (UBER). Microsoft ( MSFT ) shares rose 2.5%.

Spotify ( SPOT ) is testing a new ad exchange focused initially on video ads, Axios reported. The company is partnering with Trade Desk ( TTD ) to connect North American advertisers to Spotify's ( SPOT ) video ad inventory with audio ads to follow soon, the report said. Spotify ( SPOT ) shares rose 1.5% and Trade Desk ( TTD ) added 1%.

Taiwan Semiconductor Manufacturing ( TSM ) notified the US Commerce Department that one of its chips was found in a Huawei product, a possible violation of export restrictions on the Chinese company, Reuters reported. Taiwan Semiconductor shares fell 1.5%.

Altair Engineering ( ALTR ) is exploring a sale after receiving acquisition interest, Reuters reported. The shares jumped 8.4%.