NEW YORK ( TheStreet) -- As far as we could tell, no reports of users holding their Apple ( AAPL) iPhone 4 the wrong way hit the wires this week, but there was still plenty of tech news to help drive the markets modestly upward. The Nasdaq gained 5% for the week, closing up 21 points to 2,197 on Friday.

Google ( GOOG) and China are friends again. On Friday, Google announced that its license to operate in China was renewed, averting shutdown of its search site in the world's largest internet market.

Google China
Google China headquarters in Beijing

While business in China makes up about 1% of Google's sales right now -- Google holds about 30% of China's search market; rival Baidu ( BIDU) commands 60% -- China represents important future business for Google, which hopes to expand beyond its search services in Asia.
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Google shares surged up more than $10 Friday, closing at $467.49, while Chinese rival Baidu fell $1.28 to $71.15.

On another Google front, the search giant stuck it to Apple when it announced a mobile YouTube application that allows users to bypass the YouTube player to view its videos. By allowing iPhone users to get around Apple's own YouTube app, Google's new mobile web play challenges Apple's much-criticized ban of Flash and outside advertising.

Meanwhile, Apple shares continued their wonky rise during most of the week, closing up Friday a buck and a half to $259.68. The company's device sales continue to surge, and earlier in the week Digitimes reported that Apple asked its manufacturing partners to increase iPad production to more than 2 million for July.

iPad sales topped 3 million in June, just 80 days after the device launched.

Better late than never, eh Intel ( INTC)? Sneak peeks of smartphones running Intel's Moorestown chip showed up on Wired.com earlier this week, giving us hope that Intel might finally make a play into the mobile device market. Intel said last week that Moorestown will officially hit the smartphone market in early 2011, although hardware partners haven't yet been announced.

Despite Intel's mobile miss, the world's largest chipmaker still dominates the maturing PC sector, continues to branch out into other-worldly sectors (like autos) and is expected to report second-quarter results that hit well above Wall Street's predictions on Tuesday.

Intel closed up 0.70% to $20.24 on Friday.

Sirius ( SIRI) shares hit a buck and almost stuck there earlier this week when the satellite radio company raised its subscriber target for 2010 to 1.1 million, up from 750,000. Siruis has added more than 750,000 subscribers so far this year, reversing the loss of nearly 600,000 users over the same period in 2009.

Siruis' CEO offered cautious outlook in a prepared statement, but if recent car sales are any indication of how the rest of the year will play out -- sales of American cars are up 19% this year, according to TrueCar -- Sirius, which gleans many subscribers via new car sales, might be in for some upside.

Sirius closed slightly down at just over 99 cents Friday.

Tech's week ahead

TheStreet is kicking off tech's big earnings week with a second round of Earnings Smackdown, in which our own Scott Moritz -- last quarter's winner! -- goes head-to-head with MarketWatch's Cody Willard.

Starting with $10,000 of fake money, these hard-chargers of tech will each "buy" into five stocks that they expect will perform well after earnings are announced. The winner is the "trader" with the most "profitable" portfolio at the Friday market close.
Earnings Smackdown

Tune in Monday around market open to review their portfolios, and be sure to let us know who you think is on the winning track.

Meanwhile, other tech watchers will look to the chips for continued market-rallying news next week. TheStreet will cover second-quarter earnings reports from Intel and AMD ( AMD), both of which are coming off sunny news from the Semiconductor Industry Association, which said this year's annual semiconductor sales were on track to increase nearly 30% over 2009 sales.

We'll also be watching Google, which reports earnings Thursday afternoon.

--Written by Maggie Overfelt in New York.

Follow Maggie Overfelt on Twitter and get more stock ideas and investing advice on our sister site, Stockpickr.com.