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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 2.7% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.4%.

The Philadelphia Semiconductor index climbed 1.6%.

In sector news, progress on the creation of a self-regulatory organization for AI companies has stalled within the Trump administration, The Information reported. A draft executive order on the subject has circulated in recent weeks, but it still needs buy-in from a number of senior officials, including the president, the report said.

Separately, the Trump administration is considering sweeping new tariffs on semiconductors that could extend to products containing chips, including laptops, gaming consoles and data center servers, Politico reported. Commerce Secretary Howard Lutnick favors tying tariff relief to companies' investments in US chip manufacturing, according to Politico sources. The administration is also considering a phase-in period, while tariff rates and other details remain unsettled, the report said.

In corporate news, Nvidia (NVDA) shares jumped past 8% after it posted fiscal Q2 earnings and revenue that more than doubled from a year earlier, and issued a fiscal Q3 revenue forecast above analysts' expectations.

CrowdStrike (CRWD) shares popped 19% after it reported higher fiscal Q2 adjusted earnings and revenue, and raised its fiscal 2027 revenue outlook.

Salesforce (CRM) shares surged 23% after it reported a fiscal Q2 beat and boosted fiscal 2027 guidance.

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 1.2%, and Amazon was shedding 1.7%.

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