03:55 PM EDT, 06/10/2024 (MT Newswires) -- Tech stocks advanced late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) adding 0.2% and the SPDR S&P Semiconductor ETF (XSD) gaining 1.9%.

The Philadelphia Semiconductor index climbed 1.6%.

In corporate news, Apple ( AAPL ) reported a partnership with OpenAI's ChatGPT and a number of AI features debuting as Apple Intelligence across its devices and operating systems at World Developers Conference. Apple ( AAPL ) shares were falling over 2%.

Morgan Stanley downgraded Advanced Micro Devices ( AMD ) to an equal-weight rating from overweight. "We like the AMD story, but investor expectations for the AI business still seem too high to us," the brokerage said in a note. AMD tumbled 4.6%.

The US Supreme Court agreed to review a shareholder lawsuit accusing Meta Platforms ( META ) of misleading investors about the data-harvesting scandal involving consulting firm Cambridge Analytica. Meta shares were rising 1.8%.

SoundHound AI ( SOUN ) shares popped 2.4% after the firm agreed with its lenders to prepay its $100 million debt in full.