01:50 PM EDT, 10/17/2024 (MT Newswires) -- Tech stocks were higher Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.1% and the SPDR S&P Semiconductor ETF (XSD) adding 1.9%.

The Philadelphia Semiconductor index climbed 2.5%.

In corporate news, Taiwan Semiconductor Manufacturing ( TSM ) shares jumped nearly 12% after the chipmaker issued an upbeat Q4 revenue outlook, reflecting robust demand across artificial intelligence and smartphones.

Zuora ( ZUO ) shares jumped 6% after it said Thursday that it agreed to be acquired and taken private by investment firm Silver Lake in partnership with an affiliate of GIC in a deal valued at about $1.7 billion.

Apple ( AAPL ) collaborated with Chinese automaker BYD to develop long-range electric vehicle batteries back in 2017, spending $1 billion a year over the past decade for an EV project that was scrapped in February, Bloomberg reported. Apple ( AAPL ) shares were rising 0.3%.