Tech stocks rose Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) increasing 1.7% and the SPDR S&P Semiconductor ETF (XSD) advancing 1.3%.

The Philadelphia Semiconductor index gained 2.3%.

In corporate news, IBM (IBM) said it has run a key quantum computing algorithm on readily available Advanced Micro Devices (AMD) chips, bringing the company a step closer to commercializing supercomputers, Reuters reported. IBM's shares jumped 8%, and AMD popped 6.8%.

Intel (INTC) shares rose 1%, a day after the chipmaker posted a Q3 profit and reported an unexpected gain in revenue.

Amazon-backed (AMZN) Anthropic said Thursday it will expand its use of Alphabet's (GOOG) Google Cloud technologies to boost its compute resources for AI research and product development. Amazon shares were up 1.8%, and Google popped 3.3%.

Meta Platforms (META) and ByteDance's TikTok have been found to be preliminarily in breach of their obligation to provide users with simple mechanisms to report illegal content, the European Commission said. Meta shares were up 0.5%.