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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% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 4.3%.

The Philadelphia Semiconductor index added 2%.

In corporate news, Cloudflare (NET) shares jumped past 7% after the cloud and cybersecurity company lifted its full-year outlook following better-than-expected Q2 results.

Microchip Technology's (MCHP) strong fiscal Q1 results were buoyed by better cyclical trends and structural tailwinds from its data center and aerospace and defense segments, Morgan Stanley said in a Friday note. Microchip shares climbed 14%.

The Commerce Department's Bureau of industry and Security is reviewing how Chinese AI firms acquire Nvidia (NVDA) chips by renting computing power located in other countries, Bloomberg reported. Nvidia shares were up 1.3%.

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