Sector Update: Tech Stocks Edging Higher Again, Boosted by Chipmaker Gains

Last Updated: Wednesday, October 5, 2022 1:53 PM | MT Newswires

Technology stocks were back on positive ground this afternoon, with the SPDR Technology Select Sector ETF (XLK) rising 0.2% and the Philadelphia Semiconductor Index gaining 0.7%.

In company news, Nauticus Robotics (KITT) rallied Wednesday, with shares of the autonomous underwater vehicle company rising almost 70% after it announced a new contract from the US Defense Innovation Unit for an amphibious robot using the company's ToolKITT command and control software platform.

STMicroelectronics (STM) added 2.3% after the chipmaker Wednesday disclosed plans to build a silicon carbide substrate manufacturing facility at its property in Catania, Italy. Production is expected to begin next year, the company said.

Digital Turbine (APPS) slid 1.8% after Wednesday announcing a strategic investment in Aptoide, with the online advertising platform company leading a $12 million series-B funding round for the Android app store. The deal also will see the companies using their respective technologies to build distribution products for Digital Turbine clients.

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