01:53 PM EDT, 05/02/2024 (MT Newswires) -- Tech stocks were rising Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) and the SPDR S&P Semiconductor ETF (XSD) each adding 1.1%.

The Philadelphia Semiconductor index climbed 1.5%.

In corporate news, Qualcomm ( QCOM ) fiscal Q2 results grew more than expected as the chip supplier reported late Wednesday a third consecutive quarter of record automotive revenue. Its shares jumped past 9%.

InterDigital (IDCC) shares rose almost 6% after the company reported Q1 financial results that came in ahead of analysts' estimates. The company also said it has been awarded an injunction against Lenovo by a German court, which ruled that Lenovo "infringes InterDigital's patent-in-suit covering 4G and 5G devices."

SolarWinds ( SWI ) shares jumped past 6% after its Q1 results beat market expectations.