03:43 PM EDT, 06/08/2026 (MT Newswires) -- Tech stocks were higher late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.2% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 4%.

The Philadelphia Semiconductor index jumped 5.7%.

In corporate news, Cantor Fitzgerald adjusted its price target on Micron Technology's ( MU ) shares to $1,500 from $700 while maintaining its overweight rating. Wells Fargo adjusted its price objective for Micron to $1,220 from $550, while keeping its overweight rating on the stock. Micron shares climbed past 7%.

Amazon ( AMZN ) said Monday it signed a multibillion-dollar deal with Corning (GLW) to supply optical fiber, cable and connectivity products for its growing US data center network. Separately, Amazon ( AMZN ) is set to raise C$14 billion ($10 billion) from its investment-grade Canadian dollar bond sale, Bloomberg reported. Corning shares jumped past 5%, and Amazon ( AMZN ) was down 0.5%.

Intel ( INTC ) shares gained 11% after The Information reported that Alphabet's (GOOGL) Google and Nvidia (NVDA) have turned to Intel ( INTC ) as a backup manufacturer for their most advanced processors as Taiwan Semiconductor Manufacturing (TSM) struggles to meet overwhelming demand.

Cerebras Systems ( CBRS ) is expected to benefit from rising demand for low-latency AI inference, Morgan Stanley said in a client note. The brokerage started Cerebras' coverage with an overweight rating and a $250 price target. Cerebras shares surged 20%.