03:52 PM EDT, 05/26/2026 (MT Newswires) -- Tech stocks were higher late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.7% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing up 4.8%. The Philadelphia Semiconductor index popped 5.6%.

In corporate news, Micron Technology's ( MU ) market capitalization touched $1 trillion for the first time following several bullish analyst reports. Its shares surged 20%.

Qualcomm ( QCOM ) is set to supply ByteDance with millions of chips for AI data centers to support the TikTok owner's AI agent software, Bloomberg reported. Qualcomm ( QCOM ) shares climbed 4.8%.

Elbit Systems ( ESLT ) reported higher Q1 results and said its order backlog topped $30 billion, lifted by surging demand from Israel's Ministry of Defense amid ongoing regional conflicts. Its shares rose past 9%.

Quantinuum, a quantum computing platform controlled by Honeywell International ( HON ) , is seeking to raise up to $1.21 billion through an initial public offering, according to a filing on Tuesday. Honeywell ( HON ) shares rose 1.7%.