03:54 PM EDT, 10/29/2024 (MT Newswires) -- Tech stocks were higher late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.6% and the SPDR S&P Semiconductor ETF (XSD) climbing 2.3%.

The Philadelphia Semiconductor index rose 2.7%.

In corporate news, Altair Engineering ( ALTR ) shares jumped nearly 8% after Bloomberg reported that Siemens is close to a deal to buy the software firm.

Cadence Design Systems ( CDNS ) shares jumped 13%. The company tightened its full-year outlook, raising the lower end of the guidance range on non-GAAP earnings and revenue after better-than-expected Q3 results.

Microsoft ( MSFT )-backed (MSFT) OpenAI is working with Broadcom ( AVGO ) and Taiwan Semiconductor Manufacturing ( TSM ) to build a chip designed to support artificial intelligence systems, Reuters reported. Microsoft ( MSFT ) shares rose 1.5%, Broadcom ( AVGO ) popped 4.7% and Taiwan Semiconductor added 1.5%.

Apple ( AAPL ) said Tuesday it's launching a new Mac mini computer with M4 and M4 Pro chips. Separately, Apple's ( AAPL ) shipments of iPhones made in India have risen significantly over the past six months, climbing by roughly $6 billion in value, Bloomberg reported. Apple ( AAPL ) shares rose 0.4%.