01:51 PM EDT, 05/28/2024 (MT Newswires) -- Tech stocks were higher Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 0.5% and the SPDR S&P Semiconductor ETF (XSD) climbing 1.8%.

The Philadelphia Semiconductor index rose 2.2%.

In corporate news, Elliott Investment Management has made a $2.5 billion investment in Texas Instruments ( TXN ) and is urging the company to improve its free cash flow, the activist hedge fund said Tuesday. Texas Instruments ( TXN ) shares added 0.4%.

Semler Scientific ( SMLR ) shares surged almost 29% after the company said it will now use bitcoin as its primary treasury reserve asset after recently buying 581 bitcoins for $40 million.

Sea (SE) is under investigation by Indonesia's antitrust authorities for allegedly favoring its delivery service over others on its Shopee platform, Indonesian agency KPPU said during an initial hearing Tuesday. Sea shares fell 4.5%.