01:38 PM EDT, 08/07/2026 (MT Newswires) -- Tech stocks were higher 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 4.3%.

The Philadelphia Semiconductor index added 2%.

In corporate news, Cloudflare ( NET ) shares jumped past 7% after the cloud and cybersecurity company lifted its full-year outlook following better-than-expected Q2 results.

Microchip Technology's ( MCHP ) strong fiscal Q1 results were buoyed by better cyclical trends and structural tailwinds from its data center and aerospace and defense segments, Morgan Stanley said in a Friday note. Microchip shares climbed 14%.

The Commerce Department's Bureau of industry and Security is reviewing how Chinese AI firms acquire Nvidia ( NVDA ) chips by renting computing power located in other countries, Bloomberg reported. Nvidia ( NVDA ) shares were up 1.3%.