01:55 PM EST, 01/31/2025 (MT Newswires) -- Tech stocks were higher Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) adding 0.3% and the SPDR S&P Semiconductor ETF (XSD) rising 1.6%.

The Philadelphia Semiconductor index climbed 1.1%.

In corporate news, Apple ( AAPL ) recorded better-than-expected fiscal Q1 results, with gains in Mac and iPad sales helping to counter a decline in iPhone revenue. The shares were down 0.6%.

US officials are investigating whether Chinese AI startup DeepSeek made the unauthorized purchase of Nvidia ( NVDA ) chips in Singapore, Bloomberg reported. Separately, Nvidia ( NVDA ) Chief Executive Jensen Huang will meet with President Donald Trump on Friday to talk about AI technology, Bloomberg reported. Nvidia ( NVDA ) shares were shedding 0.7%.

Microsoft's ( MSFT ) LinkedIn won't face a proposed class action lawsuit after the plaintiff accusing the networking platform of data privacy violations filed a notice of dismissal, Reuters reported Friday, citing Eli Wade-Scott, a representative of the plaintiff. Separately, Microsoft ( MSFT )-backed OpenAI is in preliminary talks to raise up to $40 billion, potentially valuing the company at about $340 billion, The Wall Street Journal reported Thursday. Microsoft ( MSFT ) shares rose 0.5%.