01:29 PM EDT, 07/31/2026 (MT Newswires) -- Tech stocks were higher Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) advancing marginally and the State Street SPDR S&P Semiconductor ETF (XSD) rising 2.1%.

The Philadelphia Semiconductor index added 1.1%.

In corporate news, Apple ( AAPL ) shares fell past 9% after the company missed market estimates for iPad and services revenue in its fiscal Q3 results released late Thursday. The tech giant recently increased prices for MacBooks and iPads amid surging memory and storage chip costs.

Amazon's ( AMZN ) Web Services cloud-computing unit reported overnight the fastest sales growth in 18 quarters, helping the e-commerce giant handily exceed market expectations for Q2 earnings and revenue. Its shares jumped past 15%.

An Alibaba ( BABA ) spokesperson told MT Newswires that its alleged supply of H200 chips to Chinese AI company Moonshot is "completely groundless." Bloomberg reported Friday that Moonshot has a computing power agreement with Alibaba ( BABA ) to use about 20,000 Nvidia ( NVDA ) chips. Alibaba ( BABA ) shares rose 5%, and Nvidia ( NVDA ) added 1.9%.