Tech stocks were advancing late Friday afternoon with the Technology Select Sector SPDR Fund (XLK) up 0.4% and the SPDR S&P Semiconductor ETF (XSD) gaining 0.8%.
The Philadelphia Semiconductor index added 0.9%.
In corporate news, Apple's (AAPL) move to incorporate artificial intelligence in the iPhone, iPad and Mac is likely to add fuel to revenue and earnings growth, Oppenheimer said in a note. Oppenheimer raised the price target on the stock to $250 from $200 and maintained its outperform rating. Apple shares shed 0.3%.
Actelis Networks (ASNS) shares soared 68% after the company received an initial order to provide hybrid fiber networking services to a municipal utility company in a German city.
Microsoft's (MSFT) investment in OpenAI is being eyed by European regulators amid suspicions the company uses its cloud technology dominance to stymie competitors, Bloomberg reported. Microsoft shares fell 0.4%.
Nokia (NOK) will acquire networking solutions provider Infinera (INFN) for $2.3 billion in a cash-and-stock deal as the Finnish telecommunications giant seeks to strengthen its optical networks business. Nokia shares added 1.2% and Infinera surged 17%.
Comments