01:44 PM EDT, 05/08/2026 (MT Newswires) -- Tech stocks were higher Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 3.1% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 4.7%.

The Philadelphia Semiconductor index gained 5.1%.

In corporate news, Apple ( AAPL ) and Intel ( INTC ) have reached a preliminary agreement under which Intel ( INTC ) will make some of the chips powering Apple ( AAPL ) devices, The Wall Street Journal reported Friday. Apple ( AAPL ) shares rose 1.8%, and Intel ( INTC ) jumped past 15%.

Akamai Technologies ( AKAM ) shares surged 20% after the company reported Q1 results and Chief Executive Tom Leighton said a US-based frontier model provider has committed $1.8 billion over seven years for the company's cloud infrastructure services.

Hedge fund TCI cut its stake in Microsoft ( MSFT ) to 1% of its portfolio at the end of March from 10% at the end of last year, the Financial Times reported. Microsoft ( MSFT ) shares shed 1.1%.