Tech stocks were higher late Monday with the Technology Select Sector SPDR Fund (XLK) rising 2% and the Philadelphia Semiconductor index climbing 3.2%.
In company news, Alphabet’s (GOOG) Google will face a formal antitrust complaint from the European Union as soon as Wednesday over its advertising tech business model, Bloomberg reported. Alphabet shares were rising 1.1%.
Microsoft (MSFT) will relocate some of its best artificial intelligence researchers to Canada from China in response to heightened political tensions between the US and China and to keep talent from being poached by domestic tech groups, the Financial Times reported Saturday. Microsoft shares were rising 1.5%.
Oracle (ORCL) has made an investment in Cohere as part of the artificial intelligence startup’s $270 million series C funding round, multiple media outlets reported. Oracle shares jumped 5.7%.
India’s Supreme Court on Monday ruled in favor of New Delhi’s ban on bike taxis, rejecting a challenge from Uber, (UBER) which had sought to continue providing the service, Reuters reported. Uber was up 1.8%.
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