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Sector Update: Tech Stocks Gain Monday Afternoon

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Tech stocks were higher Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.7% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 4.6%.

The Philadelphia Semiconductor index jumped 6%.

In sector news, SpaceX (SPCX) has attracted about $150 billion in investor demand for its initial public offering, about twice the $75 billion it aims to raise, Reuters reported Sunday.

In corporate news, Amazon (AMZN) said Monday it signed a multibillion-dollar deal with Corning (GLW) to supply optical fiber, cable and connectivity products for its growing US data center network. Separately, Amazon is set to raise C$14 billion ($10 billion) from its investment-grade Canadian dollar bond sale, Bloomberg reported. Corning shares jumped past 5%, and Amazon was down 0.3%.

Intel (INTC) shares climbed nearly 12% after The Information reported that Alphabet's (GOOGL) Google and Nvidia (NVDA) have turned to Intel as a backup manufacturer for their most advanced processors as Taiwan Semiconductor Manufacturing (TSM) struggles to meet overwhelming demand.

Cerebras Systems (CBRS) is expected to benefit from rising demand for low-latency AI inference, Morgan Stanley said in a client note. The brokerage started Cerebras' coverage with an overweight rating and a $250 price target. Cerebras shares surged past 19%.

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