Sector Update: Tech Stocks Higher Monday Afternoon

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Sector Update: Tech Stocks Higher Monday Afternoon

, MT Newswires - 1:53 PM ET 3/17/2025 US Markets

01:53 PM EDT, 03/17/2025 (MT Newswires) -- Tech stocks rose Monday afternoon with the Technology Select Sector SPDR Fund (XLK) up 0.6% and the SPDR S&P Semiconductor ETF (XSD) adding 1.6%.

The Philadelphia Semiconductor index advanced 1.2%.

In corporate news, Intel's ( INTC ) incoming Chief Executive Officer Lip-Bu Tan is considering significant changes to the company's foundry business and AI strategies as part of turnaround efforts, Reuters reported. Intel ( INTC ) shares jumped 7.9%.

Science Applications International ( SAIC ) shares gained 7.1% after the US government services contractor increased its fiscal 2026 earnings outlook and posted stronger-than-expected Q4 results.

Alphabet's (GOOG) Google ( GOOG ) plans to work with MediaTek to help design and produce the next version of its AI chips, known as Tensor Processing Units, The Information reported. Google ( GOOG ) hasn't ended its collaboration with Broadcom ( AVGO ) , but if the plan moves forward, Broadcom ( AVGO ) may have to share the TPU business with MediaTek, the report said. Alphabet shares fell 0.2%, and Broadcom ( AVGO ) dropped 1.1%.

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