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Sector Update: Tech Stocks Sharply Higher Thursday Afternoon

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Tech stocks were sharply higher Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 5% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing up 6.9%.

The Philadelphia Semiconductor index popped 7.8%.

In corporate news, Microsoft (MSFT) shares jumped past 16% after the company reported higher-than-expected fiscal Q4 results in the previous day.

Taiwan Semiconductor Manufacturing (TSM) is developing advanced AI chip-packaging technology akin to what Intel (INTC) already offers, as it looks to better compete with a distant rival, The Information reported. Taiwan Semiconductor shares climbed 8%, and Intel gained 13%.

Meta Platforms (META) shares fell 9% after it provided a soft Q3 revenue outlook following an unexpected year-over-year decline in quarterly earnings. Meta also raised the lower end of its capital expenditure guidance.

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