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Sector Update: Tech Stocks Gain Monday Afternoon

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Tech stocks jumped Monday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) rising 3.7% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 4.1%.

The Philadelphia Semiconductor Index surged 5.1%.

In corporate news, Space Exploration Technologies (SPCX) revenue may surpass $1 trillion by 2031, CEO Elon Musk said Sunday on X. SpaceX shares jumped 14%.

Micron Technology (MU) has room for its memory-chip upcycle to continue for another five to six quarters, supported by stronger pricing, robust generative AI demand and limited industry supply growth, RBC Capital Markets said, boosting its price target on the stock. Micron jumped 9.6%.

Salesforce (CRM) agreed to acquire customer-agent company Fin for $3.6 billion to strengthen its own Agentforce AI-powered agent platform. Salesforce shares rose 0.1%.

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