01:17 PM EDT, 03/23/2026 (MT Newswires) -- Tech stocks were higher Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.9%.

The Philadelphia Semiconductor index climbed 1.3%.

In corporate news, Elliott Investment Management has amassed a multibillion-dollar stake in Synopsys ( SNPS ) and intends to engage with the chip-design software maker to push the business to make more money from its software and services, news outlets reported Sunday. The activist investor's managing partner, Jesse Cohn, said Synopsys ( SNPS ) is "essential" to the global chip industry, The Wall Street Journal reported. Synopsys ( SNPS ) shares gained 3.4%.