The semiconductor sector is moving higher today, as evidenced by the VanEck Vectors Semiconductor ETF (SMH), which includes many of the key semi stocks. SMH was up 2.41% as of 12:45pm ET.

SMH seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS US Listed Semiconductor 25 Index (MVSMHTR), which is intended to track the overall performance of companies involved in semiconductor production and equipment.

SMH is up nearly a quarter of a percent Tuesday, and some of the move has been attributed to Apple (AAPL), which reportedly is near a deal to buy the modem chip business of Intel (INTC). Apple stock moved a fraction overnight, while Intel stock rose.

Despite the moves however, SMH stock constituent Qualcomm fell on concerns that an Apple-Intel modem chip deal will cost it business despite its own pact with the iPhone producer earlier this year.

The SMH is roughly 1% below its all-time intraday high, also led by Nvidia, Broadcom, AMD, and Xilinx, which are all posting close to 1% gains on the day. Texas Instruments and Intel are set to release earnings this week also.

There is still some concern as to whether Apple’s potential purchase of the Intel chip could affect Qualcomm’s longer term prospects, as one analyst describes.

“It’s a possibility certainly, although the agreement that they did sign was a very important moment for Qualcomm, and resolved all of that litigation. Qualcomm still has its issues to come in terms of trying to get that FTC, that judges decision overturned, in terms of what’s going to happen with the FTC,” said Dave Faber on CNBC.

Investors exploring the semiconductor space could also look into the iShares PHLX Semiconductor ETF (SOXX), which seeks to track the investment results of an index composed of U.S. equities in the semiconductor sector. SOXX is up almost 2% today and 36% for the year.

For more investing ideas, visit ETFtrends.com.

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