-- Tech stocks edged up Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) increasing 0.2% and the State Street SPDR S&P Semiconductor ETF (XSD) marginally up.
The Philadelphia Semiconductor index decreased 0.5%.
In sector news, Cerebras Systems plans to kick off the roadshow for its proposed initial public offering as the AI chipmaker targets raising up to a little over $4 billion.
In corporate news, Microsoft-backed (MSFT) OpenAI has secured more than $4 billion from investors for a new joint venture valued at $10 billion to expand adoption of its AI products, Bloomberg reported. Microsoft shares rose 0.1%.
Cisco Systems (CSCO) shares rose 1% after the company said Monday it plans to buy Astrix Security to broaden its automated agent and non-human identity defense capabilities.
Blaize (BZAI) said it signed a strategic partnership agreement with Winmate to integrate its AI chips into systems for defense and critical infrastructure, targeting about $15 million in first-year business. Blaize shares surged past 27%.