03:43 PM EDT, 04/11/2024 (MT Newswires) -- Tech stocks were higher late Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) and the SPDR S&P Semiconductor ETF (XSD) each climbing about 2%.

The Philadelphia Semiconductor Index spiked 2.2%.

In corporate news, Apple ( AAPL ) is preparing to overhaul its entire Mac line with a new group of in-house processors made to highlight artificial intelligence, Bloomberg reported Thursday. Apple ( AAPL ) shares jumped 4.3%.

Microsoft's ( MSFT ) "strong secular positioning" in tech, cloud and generative artificial intelligence should help the company double its earnings per share to $24 by fiscal 2029, Morgan Stanley said in a note Thursday. The firm raised its price target to $520 from $465 on the company's stock and maintained the overweight rating. Microsoft ( MSFT ) shares rose 1.3%.

Blackbaud ( BLKB ) shares rose past 5% after Bloomberg reported that Clearlake Capital is exploring a fresh offer to buy the company.

Amazon.com ( AMZN ) Chief Executive Andy Jassy said in a letter to shareholders that he is committed to cutting costs, while the company boosts investment in artificial intelligence. Amazon ( AMZN ) shares added 1.9%.