01:58 PM EDT, 08/27/2024 (MT Newswires) -- Tech stocks rose Tuesday afternoon with the Technology Select Sector SPDR Fund (XLK) gaining 0.7% and the SPDR S&P Semiconductor ETF (XSD) adding 0.8%.

The Philadelphia Semiconductor Index climbed 1.3%.

In corporate news, Apple ( AAPL ) said late Monday that Kevan Parekh will replace Luca Maestri as chief financial officer at the start of next year. Separately, Wedbush said that Apple's ( AAPL ) iPhone 16 launch event on Sept. 9 will likely be the start of the "biggest upgrade cycle in its history with AI now on the doorstep." Apple ( AAPL ) shares were rising 0.6%.

Super Micro Computer ( SMCI ) shares dropped 2.6% following a report by short-seller Hindenburg Research alleging accounting manipulation.

Nvidia ( NVDA ) shares rose almost 2% after it said Tuesday that it's launching NIM Agent Blueprints, a catalog of AI workflows that will allow companies to build generative AI applications.