01:55 PM EST, 02/10/2025 (MT Newswires) -- Tech stocks were mixed Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.6% and the SPDR S&P Semiconductor ETF (XSD) shedding 1%.

The Philadelphia Semiconductor index rose 1.6%.

In corporate news, Monday.com ( MNDY ) shares jumped 31% after the company reported Q4 results that beat market expectations.

Microsoft ( MSFT )-backed (MSFT) OpenAI plans to finalize the design for its first in-house chip in the coming months, Reuters reported. Microsoft ( MSFT ) shares added 0.7%.

Meta Platforms ( META ) plans to start company-wide layoffs, with notifications going out to affected employees on Monday, Reuters reported Friday. Meta shares were 0.1% higher.