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Sector Update: Tech Stocks Rise Late Afternoon

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Tech stocks were higher late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.2% and the State Street SPDR S&P Semiconductor ETF (XSD) up 1%.

The Philadelphia Semiconductor index climbed 2.6%.

In corporate news, Figma (FIG) shares jumped 5.2% after Citigroup started coverage of the company's stock at buy with a $36 price target.

Intel (INTC) has started risk production of its most advanced chip node, 18A-P, bringing the company closer to a potential deal to make chips for Apple (AAPL), CNBC reported Tuesday. Intel shares rose 3.6%, and Apple was down 1.3%.

Microsoft-backed (MSFT) OpenAI recorded a cash burn of $3.7 billion in Q1 of 2026, which is more than half of its $5.7 billion revenue for the period, The Information reported, citing documents shared with shareholders. Microsoft shares were down 3.7%.

Hewlett Packard Enterprise (HPE) shares rose 0.3% after the firm said it was selected by Vultr along with Nvidia (NVDA) to support large-scale AI data center deployments. Nvidia shares were down 1.4%.

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Sector Update: Financial Stocks Rise Late Afternoon

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