Sector Update: Tech Stocks Rise Tuesday Afternoon

01:25 PM EST, 11/03/2026 (MT Newswires) -- Tech stocks were higher Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 4%. The Philadelphia Semiconductor index gained 3.1%. In sector news, Anthropic's prospective investors are pushing for a more cautious valuation closer to $1.5 trillion to $1.6 trillion ahead of the AI company's planned initial public offering, down from earlier expectations of about $2 trillion, The Wall Street Journal reported. Separately, Anthropic has told investors in recent meetings that its chip design team is using the company's Claude models to develop its custom chips, The Information reported. Claude is reducing the time it takes to design chips compared with their estimates of traditional workflows at Nvidia (NVDA), Advanced Micro Devices (AMD) and other large chip designers, the report said. In corporate news, Meta Platforms (META) has kicked off a five-tranche sale of US dollar notes with maturities ranging from five to 30 years, Bloomberg reported. Meta shares rose 3%. Apple (AAPL) shares fell 1.9% after it issued a lower-than-expected margin forecast for fiscal Q1, taking the shine off fiscal Q4 earnings and revenue topping analyst expectations. Palantir (PLTR) reported Q3 adjusted diluted EPS late Monday of $0.44, up from $0.21 a year earlier and above the FactSet consensus of $0.41. Its shares were down 2.1%.