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Sector Update: Tech Stocks Gain Late Afternoon

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Tech stocks were higher late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.3% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 4.4%.

The Philadelphia Semiconductor Index climbed 3.3%.

In corporate news, Meta Platforms (META) is aiming to start the production of AI chips from September, amid plans to increase its computing capacity to 14 gigawatts next year, Reuters reported, citing an internal memo. Meta shares rose 3.8%.

Micron Technology (MU) shares jumped nearly 5.2% after the firm said Thursday it plans to invest up to $3 billion in the US semiconductor supply chain.

Flex (FLEX) and Cerebras Systems (CBRS) said they are expanding their manufacturing partnership to boost production of Cerebras' CS-3 AI accelerator systems, at Flex plants in Milpitas, California. Flex shares gained past 6%, and Cerebras surged 10%.

Applied Materials (AMAT) is seeing stronger long-term visibility into semiconductor equipment demand as major chipmakers share production plans extending well beyond 2027, Nikkei Asia reported, citing CEO Gary Dickerson. The stock rose more than 3%.

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$BKR$COP$CVX$OXY
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$LMND$SAR$TFC$XYZ
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