Sector Update: Tech Stocks Gain Late Afternoon
Tech stocks were higher late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.3% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 4.1%.The Philadelphia Semiconductor index advanced 3.1%.In corporate news, SpaceX (SPCX) has had internal talks about purchasing operational and customer data from troubled or defunct startups to help improve its AI models, Bloomberg reported. SpaceX shares rose 2.9%.Boost Run (BRUN) shares jumped past 8% after the company said it will join the Russell 2000 and Russell 3000 indexes as part of FTSE Russell's quarterly initial public offering additions.GlobalFoundries (GFS) and Marvell Technology (MRVL) said Thursday they will increase capacity for GlobalFoundries' silicon germanium technology at its facility in Burlington, Vermont, under an expanded multiyear agreement. GlobalFoundries shares jumped 6%, and Marvell climbed 5%.Generac (GNRC) said Wednesday it has signed a long-term supply agreement with Amazon (AMZN), with initial deliveries of backup power generators for data centers expected to reach $2.4 billion in 2027 and 2028. Amazon shares added 2.2%.
