Tech stocks were mixed Monday afternoon with the Technology Select Sector SPDR Fund (XLK) rising 0.2% and the Philadelphia Semiconductor index falling 0.5%.
In company news, Tesla’s (TSLA) Dojo custom supercomputing initiative can add up to $500 billion to the company’s enterprise value through faster adoption of robotaxis and network services, Morgan Stanley said in a note. The brokerage upgraded Tesla to overweight from equal-weight and raised its price target to $400 from $250. Tesla shares rose 9.6%.
Qualcomm (QCOM) shares rose 4% after the chipmaker said it signed a deal with Apple (AAPL) to supply Snapdragon 5G modem-RF systems for smartphones that will be launched from 2024 to 2026.
RTX (RTX) slumped 7.9% after the company said it expects to take a $3 billion charge in the current quarter due to an engine manufacturing issue within its aircraft engine business, Pratt & Whitney.
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