03:57 PM EDT, 05/09/2025 (MT Newswires) -- Tech stocks were mixed late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) shedding 0.1% and the SPDR S&P Semiconductor ETF (XSD) adding 1.8%.

The Philadelphia Semiconductor index rose 0.8%.

In sector news, tech industry representatives are warning that new US investments pledged by major firms could be put at risk if Congress doesn't fully reinstate a tax deduction for research and development, Bloomberg reported, citing the Information Technology Industry Council.

In corporate news, The Trade Desk ( TTD ) reported overnight that Q1 sales surged 25% year-over-year to $616 million, beating the $575.3 million consensus of analysts polled by FactSet. Its shares surged 19%.

Microchip Technology ( MCHP ) reported fiscal Q4 non-GAAP earnings and sales late Thursday above consensus expectations, and its Q1 outlook for adjusted earnings and sales was also above the average analyst forecast. Microchip shares jumped 12.3%.

Nvidia ( NVDA )-backed (NVDA) CoreWeave ( CRWV ) is in talks to raise $1.5 billion in debt after its IPO raised less than what was targeted, Bloomberg reported. Separately, Nvidia ( NVDA ) plans to release a reduced-performance version of its H20 AI chip for China by July, following US export restrictions on the original model, Reuters reported. Nvidia ( NVDA ) shares were shedding 0.6% and CoreWeave ( CRWV ) fell nearly 7%.

Pinterest's ( PINS ) Q1 results were "much better-than-feared" and showed the company's resilience in the face of tariffs and macro challenges, RBC Capital Markets said in a note Friday. Its shares gained 5.1%.