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Sector Update: Tech Stocks Rise Late Afternoon

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Tech stocks rose late Monday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) and the State Street SPDR S&P Semiconductor ETF (XSD) each adding 0.2%.

The Philadelphia Semiconductor Index gained 0.6%.

In corporate news, Advanced Micro Devices (AMD) shares climbed 2.3% after the company expanded its partnership with Microsoft (MSFT) spanning AMD GPUs, CPUs, networking, and software on Microsoft Azure. Microsoft shares added 1.8%.

Alphabet's (GOOGL) Google is working on a new server chip that will allow it to serve AI models to users more efficiently, The Information reported. The stock rose 1.6%.

Meta Platforms' (META) Q2 results are expected to top Wall Street's estimates amid solid advertising trends, while higher memory costs may prompt the company to increase its full-year capital expenditures outlook, BofA Securities said. Meta shares added 0.4%.

Nvidia (NVDA) expanded its Nvidia Agent Toolkit to include new Omniverse libraries, enabling AI agents to add physical-world AI capabilities to applications, as well as prepare 3D content for simulation. The stock eased 0.1%.

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