From Nasdaq:

Tech stocks, including XLK and XSD, rose late Thursday afternoon, erasing earlier losses. The Philadelphia Semiconductor Index also saw a 0.7% increase.

Okta announced it will cut 400 jobs, or 7% of its workforce, and reiterated its guidance for Q4 and full-year guidance. Okta shares rose 2.9% on the news.

Zoom Video Communications plans to cut 150 jobs, less than 2% of its workforce, while also continuing hiring in certain areas. Zoom shares fell 0.2% in response.

Sea shares surged 6% after Citigroup upgraded the company to buy from neutral and raised the price target to $50 from $44.

Nvidia developed a new AI chip for sale in China while adhering to US export guidelines. Nvidia shares gained 2.5% on the news.



Read more: Technology Sector Update for 02/01/2024: OKTA, ZM, SE, NVDA