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Sector Update: Tech Stocks Rise Thursday Afternoon

Sector Update: Tech Stocks Rise Thursday Afternoon

MT newswireMT newswire2026/09/03 17:36
01:36 PM EDT, 09/03/2026 (MT Newswires) -- Tech stocks were higher Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.2%. The Philadelphia Semiconductor index was down 0.3%. In corporate news, Nvidia (NVDA) has agreed to buy AI platform Hugging Face in a deal worth up to $12.93 billion as the technology bellwether pledged to foster open-source models in the AI ecosystem. Nvidia shares were up 1.3%. Snowflake (SNOW) shares jumped nearly 21% as the cloud-based data platform lifted its full-year product revenue outlook. Broadcom (AVGO) shares fell 3.5% after releasing its latest financial results. The chipmaker's guidance that its AI revenue will double in fiscal 2027 was slightly below Wall Street's consensus but the company is likely to "handily" top the projection, Truist Securities said in a note.
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