02:13 PM EST, 11/05/2024 (MT Newswires) -- Tech stocks climbed Tuesday afternoon with the Technology Select Sector SPDR Fund (XLK) rising 1.2% and the SPDR S&P Semiconductor ETF (XSD) up 1.4%.

The Philadelphia Semiconductor index gained 1.3%.

In corporate news, Palantir Technologies ( PLTR ) shares jumped 23%, a day after the company reported Q3 adjusted earnings and revenue topped estimates by analysts.

Microsoft ( MSFT )-backed (MSFT) OpenAI is in early talks with the California attorney general's office to become a for-profit business, Bloomberg reported. Microsoft ( MSFT ) shares rose 0.8%.

GlobalFoundries ( GFS ) shares surged 15% after the company reported better-than-expected Q3 results.