Tech stocks surged on Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) rising 3.8% and the Philadelphia Semiconductor index jumping 6.5%.
In company news, Nvidia (NVDA) reported better-than-expected Q1 results, driving its market cap closer to the $1 trillion milestone. The chipmaker’s shares soared 27%.
Microsoft (MSFT) warned it uncovered a “stealthy and targeted malicious activity” by a China-backed hacking group that is targeting critical US infrastructure organizations. Volt Typhoon is working to “disrupt critical communications infrastructure” between the US and Asian region, the company said. Microsoft shares gained 3.7%.
Alibaba (BABA) dismissed layoff reports as “rumors” and said that it plans to hire 15,000 people this year, Bloomberg reported, citing the company’s statement on Weibo. Alibaba shares dropped 2.9%.
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