Financial Wire

Sector Update: Tech Stocks Higher Late Afternoon

-- Tech stocks advanced late Wednesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.4% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 0.7%.

The Philadelphia Semiconductor index fell 0.3%.

In corporate news, Alphabet (GOOGL) is poised for a windfall worth more than $100 billion from its early investment in SpaceX, Bloomberg reported. Alphabet shares rose 1.1%.

Snap (SNAP) plans to lay off about 1,000 employees, or 16% of its full-time workforce, as part of efforts to reduce costs. Snap shares jumped 7.4%.

Broadcom (AVGO) shares rose 3.8% after the chipmaker expanded its partnership with Meta Platforms (META) to support the technology giant's AI compute infrastructure. Meta shares gained 1.7%.

CoreWeave (CRWV) will receive about $6 billion from Jane Street in exchange for use of its AI cloud platform. CoreWeave shares added 1.5%.

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