02:00 PM EDT, 05/14/2024 (MT Newswires) -- Tech stocks were higher Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 0.3% and the SPDR S&P Semiconductor ETF (XSD) climbing 1.2%.

The Philadelphia Semiconductor index added 0.9%.

In corporate news, Amazon.com ( AMZN ) shares were 0.1% lower after the company said Adam Selipsky will step down as chief executive of AWS and Matt Garman will succeed him, effective June 3.

Alibaba ( BABA ) shares tumbled 7% after it reported weaker-than-expected fiscal Q4 earnings despite revenue gains in the company's e-commerce, cloud and logistics segments.

Oracle's (ORCL) executives are discussing a $10 billion deal to rent cloud servers over a period of years to Elon Musk's artificial intelligence startup xAI, the Information reported. Oracle shares spiked 3%.