Sector Update: Tech Stocks Mixed in Late Afternoon Trading

Tech stocks were mixed late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 0.4% and the SPDR S&P Semiconductor ETF (XSD) decreasing 0.7%.

The Philadelphia Semiconductor Index rose 0.8%.

In corporate news, Gen Digital GEN shares surged 15% after the company reported an increase in fiscal Q4 adjusted earnings and revenue.

Microsoft MSFT-backed OpenAI will announce some ChatGPT and GPT-4 updates on Monday via livestream, the company said on a website post. Microsoft shares were adding 0.5%.

Onto Innovation ONTO shares popped 7% after B. Riley raised its price target, following the company's Q1 earnings.

Akamai AKAM shares tumbled 11%, a day after Q1 revenue fell short of Wall Street's estimates, dragged down by weakness in content delivery solutions, and the company offered a downbeat Q2 outlook.