Sector Update: Tech Stocks Rise Late Afternoon

Technology stocks gained late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 0.3% and the SPDR S&P Semiconductor ETF (XSD) rising 1.7%.

The Philadelphia Semiconductor index rose 0.9%.

In corporate news, Meta Platforms (META) said it is “investing significantly” in generative AI, particularly in gaming, according to a job posting on LinkedIn. Shares rose 0.8%.

Pure Storage (PSTG) shares fell 4.4% after UBS downgraded the stock from neutral to sell while raising its price target from $44 to $47.

Roadzen (RDZN) shares surged 77% after the company reported higher annual revenue for the fiscal year ended March 31.

Versus Systems (VS) shares surged 46% a day after the company announced a restructuring and the appointment of Curtis Wolfe as interim CEO.

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