01:47 PM EDT, 08/13/2024 (MT Newswires) -- Tech stocks were sharply higher Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 2.8% and the SPDR S&P Semiconductor ETF (XSD) jumping 3.8%.

The Philadelphia Semiconductor index climbed 3.6%.

In corporate news, Sea (SE) shares popped past 11%. The company's Q2 earnings fell year over year while revenue rose more than expected, driven by its e-commerce segment.

Tencent Music Entertainment ( TME ) shares tumbled past 15%. The company's Q2 top-line declined on a yearly basis mainly due to lower revenue in its social entertainment services segment, partially offset by gains in the online music unit.

Core Scientific ( CORZ ) shares dropped 8.1% after the company said it plans to offer $350 million of convertible notes due 2029 in a private offering.