02:01 PM EDT, 05/01/2025 (MT Newswires) -- Tech stocks were higher Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) and the SPDR S&P Semiconductor ETF (XSD) each gaining 2.3%.

The Philadelphia Semiconductor index rose 1.5%.

In corporate news, Microsoft ( MSFT ) shares surged 8.7%. The company's fiscal Q3 earnings and sales rose more than analysts expected, partly on demand for cloud products.

Meta (META) shares rose 4.5%. The company's Q1 earnings and revenue climbed more than Wall Street expected, and several investment firms raised their price targets on the stock.

Apple ( AAPL ) was ordered to pay a lump sum of $502 million to Optis Cellular Technology for the use of 4G patents in Apple ( AAPL ) devices, London's Court of Appeal ruled Thursday in the latest stage of a case that dates back to 2019. Separately, Oppenheimer said in a Thursday note, Apple ( AAPL ) will see a "moderate negative impact" on its service revenue and operating income from a recent legal decision to stop Apple ( AAPL ) from blocking alternative payment options or imposing fees on transactions outside the App Store. Apple ( AAPL ) shares were less than 0.1% higher.