-- Tech stocks were higher late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.7% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 2.4%.
The Philadelphia Semiconductor index climbed 1.4%.
In corporate news, Oracle (ORCL) said it introduced AI-focused updates to its utilities software suite at its customer edge summit, targeting improvements in billing, grid operations, and asset management. Oracle shares jumped 12%.
The recent sell-offs in Microsoft (MSFT), Salesforce (CRM), and ServiceNow (NOW) amid broader software apathy are disconnected from the AI opportunities over the coming years, as enterprises prioritize integrating AI across tech stacks, Wedbush said in a note. Shares of Salesforce and Microsoft were up 4.7% and 3.2%, respectively
Intel (INTC) is seen with a modest upside bias to its fiscal Q1 results and full-year outlook, driven by resilient PC demand and a sharp inflection in server CPU demand, along with pricing gains of roughly 10%, UBS Securities said in a note. UBS maintained its neutral rating on the stock but raised its price target to $65 from $51. Intel shares rose 4.4%.