Technology stocks were strongly rebounding on Thursday, with the Technology Select Sector SPDR Fund (XLK) rising 2.6% while the Philadelphia Semiconductor Index was gaining 3.5% this afternoon.

In company news, Freight Technologies (FRGT) raced almost 16% higher after saying an unnamed industrial electric motor manufacturer with 18 factories and distribution centers through the US and Mexico will be using its Fr8App platform to support its cross-border and intra-state logistics. Financial terms and other details of the new contract were not disclosed.

Taiwan Semiconductor Manufacturing (TSM) climbed 3.8% after beginning volume production of three-nanometer chips at a new facility in Taiwan, with the technology expected to create products worth $1.5 trillion over the next five years. The company is expecting its total investment will exceed 1.86 trillion New Taiwan dollars ($60.57 billion).

KULR Technology Group (KULR) gained 2.3% after announcing a new partnership with mountain bike racing company Theory Racing to develop batteries for electric-powered bikes. Financial terms were not disclosed.

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