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Sector Update: Tech

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-- Tech stocks were higher Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 3.1% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 4.9%.

The Philadelphia Semiconductor index gained 5.1%.

In corporate news, Akamai Technologies (AKAM) shares surged almost 20% after the company reported Q1 results and Chief Executive Tom Leighton said a US-based frontier model provider has committed $1.8 billion over seven years for the company's cloud infrastructure services.

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