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Sector Update: Tech Stocks Advance Wednesday Afternoon

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Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) up 0.1% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.1%.

The Philadelphia Semiconductor index climbed 1.2%.

In corporate news, Qualcomm (QCOM) shares rose 1.9% after it said Wednesday that its Snapdragon chips will be used in Samsung's new smartphones, wearables, and intelligent eyewear.

Amazon (AMZN) has cut jobs in parts of its artificial general intelligence organization, without disclosing the exact numbers of affected employees, The Wall Street Journal reported Wednesday. Separately, Amazon's Q2 revenue and core profitability will likely exceed Wall Street's expectations amid upside potential from Amazon Web Services, BofA Securities said Wednesday. Amazon shares were down 1.9%.

Apple (AAPL) is planning a major update for its MacBooks and iMacs to capture demand for AI-capable devices, Bloomberg reported. Apple shares were shedding 1.2%.

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Sector Update: Energy Stocks Rise Late Afternoon

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Sector Update: Financial Stocks Advance Late Afternoon

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