02:03 PM EST, 01/17/2025 (MT Newswires) -- Tech stocks were higher Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.6% and the SPDR S&P Semiconductor ETF (XSD) climbing 3.4%.

The Philadelphia Semiconductor index popped 2.6%.

In sector news, the US Supreme Court will allow a ban on TikTok to take effect as scheduled on Sunday after rejecting an appeal on Friday.

In corporate news, Apple's ( AAPL ) key assembly partner Foxconn has faced challenges in deploying Chinese staff to India and importing specialized machinery from China, though production remains unaffected for now, Bloomberg reported. Apple ( AAPL ) shares were rising 0.4%.

Qorvo ( QRVO ) is the latest target of activist investor Starboard Value, which has taken a 7.7% stake in the chip maker, The Wall Street Journal reported late Thursday. Qorvo ( QRVO ) shares jumped past 13%.

Taiwan Semiconductor's (TSM) new US plant is unlikely to receive the most advanced chip technology before factories in Taiwan because of compliance hurdles, including local construction rules and the permitting process, Reuters reported, citing CEO C.C. Wei. Taiwan Semiconductor shares were down 0.8%.