Tech stocks were mixed Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.6% and the SPDR S&P Semiconductor ETF (XSD) shedding 1%.

The Philadelphia Semiconductor index rose 1.6%.

In corporate news, Monday.com (MNDY) shares jumped 31% after the company reported Q4 results that beat market expectations.

Microsoft-backed (MSFT) OpenAI plans to finalize the design for its first in-house chip in the coming months, Reuters reported. Microsoft shares added 0.7%.

Meta Platforms (META) plans to start company-wide layoffs, with notifications going out to affected employees on Monday, Reuters reported Friday. Meta shares were 0.1% higher.