01:38 PM EST, 12/02/2024 (MT Newswires) -- Tech stocks were higher Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.1% and the SPDR S&P Semiconductor ETF (XSD) adding 2.6%.

The Philadelphia Semiconductor index climbed 2.9%.

In corporate news, Intel ( INTC ) Chief Executive Pat Gelsinger retired, and Chief Financial Officer David Zinsner and Michelle Johnston Holthaus, who previously served as general manager of the client computing group, were named interim co-CEOs while the board searches for a new leader. Intel ( INTC ) shares were rising 1.7%.

Super Micro Computer ( SMCI ) shares surged past 28%. The company said Monday that an independent special committee found no evidence of misconduct or fraud on the part of management or the board of directors.

MicroStrategy ( MSTR ) said Monday in a filing with the US Securities and Exchange Commission that it acquired about 15,400 bitcoins for $1.5 billion between Nov. 25 and Dec. 1. Its shares were down 1.3%.