Sector Update: Tech Stocks Rise Late Afternoon

04:00 PM EDT, 08/31/2026 (MT Newswires) -- Tech stocks were higher late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) adding 0.4% and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.6%. The Philadelphia Semiconductor Index increased 0.5%. In corporate news, Nvidia (NVDA) expanded its partnership with chip designer MediaTek, including a $3.5 billion investment, to support adoption of the company's proprietary interconnect technology for custom rack-scale AI chips. Nvidia shares were up 1.4%. Apple (AAPL) executive Phil Schiller stepped down from his role overseeing the App Store and Apple product events, Bloomberg reported. Schiller maintains his Apple Fellow title and will be working on unspecified initiatives, the report said. Apple is shifting responsibility for the App Store to the services division run by executive Eddy Cue, the report added. Apple shares were down 1%. Science Applications International (SAIC) raised its fiscal 2027 outlook on Monday as its Q2 results topped Wall Street's expectations amid organic growth. Its shares rose 1%. Arm (ARM) is facing a potential shareholder revolt over its plans to award its Chief Executive Rene Haas an "excessive" bonus of up to $800 million, the Telegraph reported Monday. Advisory firms Institutional Shareholder Services and Glass Lewis have recommended investors to vote against a scheme that would reward the CEO if he turns Arm into Britain's first trillion-dollar company, according to the report. Arm shares were up 1.3%.