03:56 PM EDT, 07/26/2024 (MT Newswires) -- Tech stocks were advancing late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) adding 1.1% and the SPDR S&P Semiconductor ETF (XSD) gaining 1.9%.

The Philadelphia Semiconductor index climbed 1.6%.

In corporate news, OrangeKloud Technology ( ORKT ) said Friday it has closed its initial public offering of 2.75 million shares at $4.75 each, raising about $13.1 million. Its shares were rising 1.4%.

Meta Platforms ( META ) is interested in taking a stake in EssilorLuxottica, but would have to "buy on market" since the Ray Ban maker has no plans for a "capital increase dedicated to Meta," EssilorLuxottica Chief Executive Francesco Milleri said Thursday, according to a Capital IQ transcript. Meta shares rose 2.5%.

Microsoft ( MSFT )-backed (MSFT) OpenAI said it started testing a prototype of an artificial intelligence search product. Separately, Microsoft's ( MSFT ) LinkedIn filed a preliminary settlement Thursday for a proposed class action that alleged the platform overcharged advertisers on inflated metrics resulting from measurement errors. Microsoft ( MSFT ) shares were rising 1.6%.

Apple ( AAPL ) has agreed to adopt a set of voluntary AI safeguards crafted by the Biden administration, media reports said Friday. The shares were little changed.