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Sector Update: Tech Stocks Rise Monday Afternoon

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Tech stocks were higher Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.3% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.5%.

The Philadelphia Semiconductor index climbed up 2.1%.

In corporate news, Intel (INTC) and Goldman Sachs (GS) are among the investors in AI video generation platform Higgsfield's recent $400 million funding round, pushing its valuation to $5.40 billion, the Financial Times reported. Intel shares climbed 1.7%.

Nvidia (NVDA) said Monday it is investing $1.5 billion in SB Energy to support its growth as an AI infrastructure developer. Nvidia shares were up 0.4%.

Amazon-backed (AMZN) Anthropic told potential investors that its Q2 revenue jumped at least 14-fold from the year prior to over $11.5 billion, Bloomberg reported, citing internal documents it viewed. Amazon shares were down 1.4%.

Alibaba's (BABA) Qwen AI models have exceeded 3 billion in downloads globally over the last six months, topping that of Meta (META) and Alphabet's (GOOGL) Google, Bloomberg reported, citing data from open source AI platform Hugging Face. Alibaba shares were up 0.2%.

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