Tech stocks were gaining late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) jumping 1.3% and the SPDR S&P Semiconductor ETF (XSD) surging 2.3%.
The Philadelphia Semiconductor index rose 1.8%.
In corporate news, Cisco (CSCO) will lay off thousands of employees as part of restructuring that is currently in planning stages to focus on high-growth areas, Reuters reported Friday. Cisco shares rose 0.3%.
Nvidia (NVDA) plans to set up a new business unit dedicated to designing tailored chips, including AI processors, Reuters reported Friday. Nvidia shares popped 3.4%.
Cloudflare (NET) shares jumped 19%, a day after the company reported higher-than-expected Q4 results.
Pinterest (PINS) shares dropped 9% after Q4 revenue trailed forecasts by analysts.
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