NEW YORK ( TheStreet) -- Following the debut of Surface, shares of Microsoft ( MSFT - Get Report) climbed 2.88% to $30.70. Shares of Apple ( AAPL), which will be Microsoft's primary competitor in the tablet space, rose a modest 0.28% to close at $587.41.

Nvidia's ( NVDA - Get Report) Tegra 3 Chips will be used in a model of the Surface Tablet. Shares of the graphics-chip producer popped 6.73% to $13.23 on Tuesday.

See companies poised to benefit from the Microsoft Surface

Oracle ( ORCL - Get Report) released its fourth quarter earnings report late on Monday, three days ahead of schedule. The software giant's strong results drove shares up by 3.10% to $27.96 during Tuesday trading.

Shares of Ubiquiti Networks ( UBNT), known as one of Silicon Valley's fastest growing companies, rose 4.31%, closing at $13.55 on Tuesday. CEO Robert Pera agreed to buy the Memphis Grizzliesbasketball team for $350 million.

Over half of the company's floating shares were sold short a month ago because investors were concerned about earnings quality, amongst other things, according to CNBC.

A day after a US District Court ruled in favor of Vringo's ( VRNG) merger partner Innovate/Protect in a hearing concerning patents and intellectual property, shares of the New York-based company jumped 8.46% reaching $4.36.

--Written by Nathalie Pierrepont in New York.

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