01:49 PM EST, 03/07/2024 (MT Newswires) -- Tech stocks were sharply higher Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) adding 1.5% and the SPDR S&P Semiconductor ETF (XSD) surging 3.8%.

The Philadelphia Semiconductor index jumped 3.4%.

In corporate news, Marvell Technology ( MRVL ) shares rose over 3% after the firm said it's expanding its collaboration with Taiwan Semiconductor Manufacturing (TSM) to develop the technology platform for the production of 2-nanometer semiconductors. Taiwan Semiconductor gained 5.5%.

STMicroelectronics ( STM ) added 4.5% after the firm said it's releasing new industrial microprocessors with 64-bit processing and edge artificial-intelligence acceleration.

Yext ( YEXT ) spiked 7% after reporting that earnings in fiscal Q4 doubled from a year earlier, exceeding market expectations.