Tech stocks gained late Monday afternoon with the Technology Select Sector SPDR Fund (XLK) rising 1.1% and the SPDR S&P Semiconductor ETF (XSD) adding 2.1%.

The Philadelphia Semiconductor index climbed 2.8%.

In corporate news, Microsoft-backed (MSFT) OpenAI is exploring the possibility of introducing advertising to its artificial-intelligence products as part of a strategy to increase revenue and support the transition to a "for-profit company," The Financial Times reported, citing Chief Financial Officer Sarah Friar. Microsoft shares rose 1.8%.

Core Scientific (CORZ) shares fell 11% as the company plans to launch a $500 million private placement of convertible notes due 2031.

Intel (INTC) Chief Executive Officer Pat Gelsinger retired, and Chief Financial Officer David Zinsner and Michelle Johnston Holthaus, who previously served as general manager of the client computing group, were named interim co-CEOs while the board searches for a new leader. Intel shares fell 0.2%, erasing earlier gains.

Super Micro Computer (SMCI) shares surged 29%. The company said that an independent special committee found no evidence of misconduct or fraud on the part of management or the board of directors.