Sector Update: Tech Stocks Rise Late Afternoon

MT Newswires Live12-04

Tech stocks were increasing late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 0.3% and the SPDR S&P Semiconductor ETF (XSD) climbing 3.5%.

The Philadelphia Semiconductor index added 1.8%.

In corporate news, Microchip Technology (MCHP) shares jumped past 12%. The company said late Tuesday it expects its fiscal Q3 net sales and per-share earnings to be at the high end of the previously provided outlook.

Marvell Technology (MRVL) shares climbed 8.2%. The company has agreed to buy photonic fabric technology platform Celestial AI in a $3.25 billion deal to accelerate its AI and cloud connectivity strategy. Marvell also reported better-than-expected fiscal Q3 earnings.

Microsoft (MSFT) has not lowered AI software sales quotas or targets for its salespeople, CNBC reported Wednesday, citing a company spokesperson who refuted an earlier report by The Information. Microsoft shares were down 1.5%.

Nvidia (NVDA) Chief Executive Jensen Huang met with President Donald Trump on Wednesday to discuss export controls, according to media reports. Huang told reporters on Capitol Hill that he supports ensuring US companies "have the best, the first and the most," Bloomberg reported. Nvidia shares were down 0.7%.

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