Tech stocks gained late Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.2% and the SPDR S&P Semiconductor ETF (XSD) climbing 2.7%.
The Philadelphia Semiconductor Index added 2.7%.
In corporate news, Cyngn (CYN) shares soared 64% after the company said it received a new patent for its autonomous vehicle and driving technology.
Alphabet’s (GOOG) Google has launched new artificial intelligence model Gemini in some of its products, including Bard. Alphabet shares jumped more than 5%.
AMD (AMD) launched new AI chips on Wednesday as the company positions itself for opportunities in a market that it said could grow strongly over the next four years. Its shares spiked almost 10%.
Sprinklr (CXM) shares tumbled 34%, a day after the company said it expected slower revenue growth in fiscal 2025 and a subsequent rating downgrade from BTIG Research.
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