03:54 PM EST, 11/25/2025 (MT Newswires) -- Tech stocks were higher late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 0.4% and the SPDR S&P Semiconductor ETF (XSD) rising 0.9%.

The Philadelphia Semiconductor index gained 0.3%.

In sector news, Elon Musk's AI startup xAI is expected to close a $15 billion fundraising round next month at a pre-money valuation of $230 billion, CNBC reported.

In corporate news, SAP (SAP) and its America unit were sued by o9 Solutions for allegedly stealing confidential information related to its supply chain management software, according to a filing on Tuesday in the US District Court for the Northern District of Texas. SAP shares were down 0.2%.

Nvidia ( NVDA ) shares dropped 2.7% after The Information reported Meta (META) is considering using AI chips designed by Alphabet's (GOOG) Google.

Japan's Rapidus is set to start building a second plant in Hokkaido in fiscal 2027 and expects to produce 1.4-nanometer chips as early as 2029 as it moves to close the gap with industry leader Taiwan Semiconductor Manufacturing ( TSM ) , Nikkei Asia reported. Taiwan Semiconductor shares were up 0.2%.

Keysight Technologies ( KEYS ) shares jumped 10%. The company late Monday offered an upbeat quarterly outlook following stronger-than-expected fiscal Q4 results.