Industry update: Tech stocks rise as investors boost growth sectors

Tech stocks continued their recent rally, with the SPDR Technology Select Sector ETF (XLK) advancing 1.1% while the Philadelphia Semiconductor Index gained 1.0% this afternoon.

In company news, Super Micro Computer (SMCI) rose more than 14% after the computer server hardware and software company raised its fourth-quarter earnings and revenue forecast, now projecting a non-GAAP earnings of $2.30 to $2.40 per share on between $1.58 billion and $1.63 billion. billion in revenue compared to its earlier guidance looking for $1.51-1.69 per share and $1.40-1.48 billion, respectively. Analysts on average expect Super Micro to earn $1.58 per share, excluding one-time items, on $1.43 billion in revenue in the three months ended June 30.

Velo3D (VLD) rose 4.4% after announcing a new partnership with Hartech Group on Thursday, which will help commercialize Velo3D additive manufacturing technology to the Pentagon and other federal agencies and accelerate its adoption by government departments. . Financial terms were not disclosed.

Array Technologies (ARRY) fell 1.2% after the solar tracking systems company announced a monetary settlement agreement with private rivals Nextracker and Flextronics International USA on Thursday. According to the plaintiffs, the companies hired an employee of Array in violation of his non-competition agreement and alleging that he obtained certain confidential information from Array.

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