Tech stocks rose late Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) rising 1.3% and the SPDR S&P Semiconductor ETF (XSD) climbing 0.1%, erasing earlier losses.
The Philadelphia Semiconductor Index rose 0.7%.
In corporate news, Okta (OKTA) said Thursday it has informed its employees it will cut 7% of its workforce, affecting 400 jobs. The company also reiterated its guidance for Q4 and full-year guidance. Its shares rose 2.9%.
Zoom Video Communications (ZM) is looking to cut 150 jobs, Bloomberg reported Thursday. The cuts, which would be less than 2% of Zoom’s workforce, are not across all operations, and the company will continue hiring in artificial intelligence, sales and engineering in 2024, the report said. Zoom shares were down 0.2%.
Sea (SE) shares jumped 6% after Citigroup upgraded the company to buy from neutral, and raised the price target to $50 from $44.
Nvidia (NVDA) developed a new artificial intelligence chip specifically for sale in China while also adhering to US export guidelines on higher-end electronics, Reuters reported. Nvidia shares gained 2.5%.
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