Tech stocks were higher Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 3.2%.

The Philadelphia Semiconductor index climbed up 2.6%.

In sector news, some prospective investors in Anthropic's initial public offering are discussing a valuation of $1.2 trillion to $1.3 trillion, down from previous estimate of $1.4 trillion to $1.5 trillion, Bloomberg reported. The Nasdaq index has plunged since the original estimate, including a 6.4% drop on Thursday.

Separately, OpenAI will continue to invest in AI infrastructure despite voter pushback against data centers during the midterm elections, CNBC reported, citing CFO Sara Friar. "When I think about the midterms, I need to keep thinking about how do we keep investing to meet that customer demand," Friar told the media outlet, according to the report. Friar indicated that OpenAI had built relationships with hyperscalers, and "it will continue to mean that we raise capital," the report said.

In corporate news, Alphabet (GOOGL) has built a stake worth about $547.9 million in Qualcomm (QCOM), according to a regulatory filing. Alphabet shares were up 1%, and Qualcomm rose past 4%.

Taiwan Semiconductor Manufacturing (TSM) is weighing whether to expand into the advanced memory chip manufacturing sector, as a shortage of memory chips has sent prices soaring and driven chip designers to look for additional supplies, The Information reported. Shares rose past 5%.

SpaceX (SPCX) could face a delay in discussions involving a potential purchase of state-owned land after Texas Governor-elect Gina Hinojosa asked state officials to refrain from taking action during her transition to office, Bloomberg reported. SpaceX shares were up 6.6%.