03:38 PM EDT, 05/22/2026 (MT Newswires) -- Tech stocks were higher late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 3.8%.

The Philadelphia Semiconductor index added 1.8%.

In corporate news, Dell Technologies ( DELL ) shares surged 17% after Wells Fargo raised the company's price target to $270 from $180.

Advanced Micro Devices ( AMD ) is working with Taiwan partners to boost production capacity as higher-than-expected demand limits the global CPU market, Reuters reported, citing AMD Chief Executive Lisa Su. AMD shares climbed 3.8%.

Zoom Communications ( ZM ) appears poised for growth acceleration following a strong Q1, given sustained momentum in its AI products, RBC Capital Markets said in a note. Zoom shares jumped past 9%.

Take-Two Interactive Software ( TTWO ) reported a narrower fiscal Q4 net loss as revenue increased. MoffettNathanson adjusted its price target on the company's shares to $196 from $206 while maintaining its neutral rating. Take-Two shares were down 3.9%.