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Sector Update: Tech Shares Rise Thursday Afternoon

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Tech stocks were higher Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 2.6%.

The Philadelphia Semiconductor index popped 3.6%.

In sector news, the US is looking to partner with the EU on AI in an effort to secure supply chains for semiconductors amid increasing competition from China, Bloomberg reported, citing a draft statement of the proposal.

In corporate news, Micron Technology (MU) shares jumped past 16% after it reported fiscal Q3 adjusted earnings and revenue that topped estimates, with Q4 guidance also beating consensus.

BlackBerry (BB) on Thursday raised its fiscal 2027 guidance as growth in the embedded software solutions division helped buoy Q1 results. Its shares surged over 20%.

Alphabet's (GOOG, GOOGL) Google is revamping its AI coding strike team to close the gap with Anthropic in the most profitable AI applications, The Information reported. Alphabet shares were down over 1%.

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