03:34 PM EDT, 04/05/2024 (MT Newswires) -- Tech stocks were gaining late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) climbing 1.1% and the SPDR S&P Semiconductor ETF (XSD) increasing 0.4%.

The Philadelphia Semiconductor index rose 1%.

In corporate news, GCT Semiconductor ( GCTS ) shares soared 39% after it said Friday it signed a memorandum of understanding with Aramco for further developing Saudi Arabia's 4G and 5G ecosystem for mission-critical and public safety networks.