03:58 PM EDT, 10/06/2025 (MT Newswires) -- Tech stocks were higher late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.4% and the SPDR S&P Semiconductor ETF (XSD) climbing 2.5%.

The Philadelphia Semiconductor index gained 3.2%.

In corporate news, Micron Technology ( MU ) is expected to benefit from stronger-than-expected growth in pricing for its core memory chips, which are used in everything from smartphones to data centers, driven by improving market conditions and rising demand tied to AI, Morgan Stanley said. The firm upgraded Micron to overweight from equal weight and raised its price target to $220 from $160. Micron shares rose 1.6%.

Advanced Micro Devices' ( AMD ) shares surged 24% after the chipmaker agreed to deploy 6 gigawatts of its graphics processing units to support Microsoft ( MSFT )-backed (MSFT) OpenAI's artificial intelligence infrastructure. Microsoft ( MSFT ) shares were up 2.2%

Sanmina ( SANM ) shares jumped 23% after the announcement of the deal between AMD and OpenAI. In May, AMD said it had agreed to sell ZT Systems' US-based data center infrastructure manufacturing business to Sanmina ( SANM ). As part of that deal, Sanmina ( SANM ) became a preferred new product introduction manufacturing partner for AMD's cloud rack and cluster-scale AI products, AMD said at the time.

The US Supreme Court on Monday declined to hear SAP's (SAP) appeal seeking to dismiss an antitrust lawsuit filed by Teradata ( TDC ) , allowing the case to move forward, Reuters reported. SAP shares rose 1.3%, and Teradata ( TDC ) climbed 3.8%.