03:54 PM EDT, 05/12/2025 (MT Newswires) -- Tech stocks surged late Monday afternoon with the Technology Select Sector SPDR Fund (XLK) climbing 4.3% and the SPDR S&P Semiconductor ETF (XSD) soaring 7.5%.

The Philadelphia Semiconductor index jumped 6.4%.

Semiconductor stocks rose after the US and China agreed to suspend most tariffs on each other's goods. Shares of chipmaker Nvidia ( NVDA ) gained 5.3%, and Qualcomm ( QCOM ) , Broadcom ( AVGO ) , Advanced Micro Devices ( AMD ) and Marvell Technology ( MRVL ) advanced.

In corporate news, Apple ( AAPL ) is planning to use a battery management mode powered by artificial intelligence for iOS 19, an iPhone software update due in September, Bloomberg reported. Separately, the company is evaluating higher prices for its next iPhone lineup, the Wall Street Journal reported. Apple ( AAPL ) shares rose 6%.

Scale AI, which counts Amazon.com ( AMZN ) among its investors, plans to establish a presence in Saudi Arabia by year-end as part of its expansion in the Middle East, Bloomberg News reported. Amazon ( AMZN ) shares gained 8%.

Alphabet's (GOOG) Google ( GOOG ) is starting a fund for investing and collaborating with startups. Alphabet shares rose 3.3%.