01:55 PM EDT, 06/10/2024 (MT Newswires) -- Tech stocks rose Monday afternoon with the Technology Select Sector SPDR Fund (XLK) up 0.3% and the SPDR S&P Semiconductor ETF (XSD) gaining 1.6%.

The Philadelphia Semiconductor index rose 1.6%.

In corporate news, Cognizant Technology Solutions ( CTSH ) agreed to buy engineering research and development services firm Belcan, a portfolio company of AE Industrial Partners, for $1.29 billion in cash and stock. Cognizant shares rose 2%.

Apple's ( AAPL ) artificial-intelligence strategy, set to be revealed at the WWDC conference in Cupertino, California, is expected to trigger a surge in AI-driven growth for the iPhone and Services division in the coming years, Wedbush Securities said. Apple ( AAPL ) shares fell 1%.

The US Supreme Court agreed to review a shareholder lawsuit accusing Meta Platforms ( META ) of misleading investors about the data-harvesting scandal involving consulting firm Cambridge Analytica. Meta shares rose 1.4%.