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Sector Update: Tech Stocks Gain Thursday Afternoon

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Tech stocks were higher 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 5.5%. The Philadelphia Semiconductor Index climbed 4.8%.

In corporate news, Micron Technology (MU) shares jumped nearly 8% 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 7%, 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. Shares rose over 6%.

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$BKR$COP$CVX$OXY
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$LMND$SAR$TFC$XYZ
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$DPZ$EL$PSKY$TSLA$WBD