03:51 PM EDT, 08/07/2026 (MT Newswires) -- Tech stocks were higher late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.2% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 4.2%.

The Philadelphia Semiconductor Index added 2%.

In corporate news, Microchip Technology's ( MCHP ) strong fiscal Q1 results were buoyed by better cyclical trends and structural tailwinds from its data center and aerospace and defense segments, Morgan Stanley said in a Friday note. Microchip shares jumped 13.3%.

Cloudflare ( NET ) shares gained nearly 5% after the cloud and cybersecurity company lifted its full-year outlook following better-than-expected Q2 results.

Microsoft ( MSFT )-backed (MSFT) OpenAI is slowing down development of its new Astra model and is scaling up testing because it cannot "rule out critical cyber capabilities," Axios reported. Microsoft ( MSFT ) shares were up 0.3%.

Trade Desk ( TTD ) shares fell more than 21% following stock rating downgrades from multiple brokerages, including Citigroup. Trade Desk ( TTD ) released disappointing Q2 results late Thursday.