03:54 PM EDT, 07/08/2025 (MT Newswires) -- Tech stocks rose late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) gaining 0.5% and the SPDR S&P Semiconductor ETF (XSD) climbing 2.3%.

The Philadelphia Semiconductor index advanced 1.9%.

In sector news, Tesla (TSLA) Chief Executive Officer Elon Musk's rocket- and satellite-making company SpaceX is discussing plans to raise money and sell insider shares in a deal that would value it around $400 billion, Bloomberg reported.

In corporate news, Intel ( INTC ) is planning to shed 529 employees in Oregon as part of a permanent workforce reduction, the company said in a government filing. Intel ( INTC ) shares rose 7.9%.

GlobalFoundries ( GFS ) shares jumped 7% after the company agreed to buy MIPS, a supplier of AI and processor IP.

Apple's ( AAPL ) head of AI models, Ruoming Pang, is leaving the company to work for Meta Platforms ( META ) , Bloomberg reported. Apple ( AAPL ) shares were easing 0.1%, while Meta was 0.1% higher.

Kyndryl's ( KD ) path to an EPS of about $5 has become clearer as the company continues to win new business at a healthy book-to-bill ratio and reprices low or no-margin business, Oppenheimer said in a note Tuesday. Oppenheimer kept its outperform rating on Kyndryl ( KD ) and raised its price target to $55 from $47. Kyndryl ( KD ) shares were rising 1.9%.