03:36 PM EDT, 05/12/2025 (MT Newswires) -- Tech stocks were sharply higher late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) climbing 4.3% and the SPDR S&P Semiconductor ETF (XSD) surging 8%.

The Philadelphia Semiconductor index jumped past 6%.

In corporate news, Apple ( AAPL ) is planning to use a battery management mode powered by artificial intelligence for iOS 19, an iPhone software update due in September, Bloomberg reported. Separately, the tech giant is evaluating higher price points for its next iPhone lineup, The Wall Street Journal reported. Apple ( AAPL ) shares surged 6%.