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Sector Update: Tech

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Tech stocks were higher late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.7% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.4%.

The Philadelphia Semiconductor index climbed 1.6%.

In corporate news, Meta Platforms (META) at one point this year internally projected it could spend up to $10 billion annually on Amazon-backed (AMZN) Anthropic's AI models, The New York Times reported. Meta's business would have formed a significant portion of Anthropic's annual revenue, which the company estimated in July would pass $65 billion, the report said. Meta shares were down 1.1%, and Amazon was shedding 1.7%.

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