01:54 PM EDT, 07/08/2025 (MT Newswires) -- Tech stocks were higher Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 0.6% and the SPDR S&P Semiconductor ETF (XSD) climbing 2.2%.

The Philadelphia Semiconductor index rose 2%.

In corporate news, GlobalFoundries ( GFS ) shares jumped past 6% 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 0.2%, while Meta rose 0.3%.

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 2.3%.