03:57 PM EST, 12/16/2024 (MT Newswires) -- Tech stocks rose late Monday afternoon with the Technology Select Sector SPDR Fund (XLK) and the SPDR S&P Semiconductor ETF (XSD) both adding 0.9%.

The Philadelphia Semiconductor climbed 2.1%.

In corporate news, Broadcom ( AVGO ) shares soared 11%. Goldman Sachs boosted its price target on the stock to $240 from $190, while maintaining the buy rating, while other analysts also increased their price targets.

Micron Technology ( MU ) shares surged 6.1%. US Vice President Kamala Harris said the received a $6.1 billion investment under the CHIPS and Science Act to fund the construction of memory chip plants in Clay, New York, and Boise, Idaho.

Super Micro Computer ( SMCI ) shares tumbled 8.1% after Nasdaq said the company will be removed from the Nasdaq 100 Index following an annual review of the gauge.

Apple ( AAPL ) plans to introduce a thinner, cheaper iPhone model and foldable devices starting in 2025, the Wall Street Journal reported. Apple ( AAPL ) shares added 1.1%.