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Sector Update: Tech Stocks Rise Friday Afternoon

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Tech stocks were higher Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 4.6%.

The Philadelphia Semiconductor index added 2.6%.

In corporate news, Dell Technologies (DELL) shares surged 16% after Wells Fargo raised the company's price target to $270 from $180.

Zoom Communications (ZM) appears poised for growth acceleration following a strong Q1, given sustained momentum in its AI products, RBC Capital Markets said in a note. Zoom shares jumped past 10%.

Take-Two Interactive Software (TTWO) reported a narrower fiscal Q4 net loss as revenue increased. MoffettNathanson adjusted its price target on the company's shares to $196 from $206 while maintaining its neutral rating. Take-Two shares were down 3.6%.

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