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Sector Update: Tech Stocks Mixed Wednesday Afternoon

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Tech stocks were mixed Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 0.3% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 0.3%.

The Philadelphia Semiconductor index rose 0.2%.

In corporate news, Dell (DELL) shares jumped 9% after it reported higher fiscal Q2 non-GAAP adjusted earnings and revenue, and raised its fiscal 2027 guidance.

Nvidia (NVDA) is in late-stage talks to buy AI startup Hugging Face, in a deal that may total about $14 billion, Bloomberg reported. The companies may strike a deal as early as this week that could include a $1 billion retention package for Hugging Face workers, the report said. Nvidia shares rose 3.5%.

Microsoft-backed (MSFT) OpenAI was hit with multiple lawsuits Wednesday alleging that the AI company could have done more to help prevent a school shooting earlier this year in Canada by informing law enforcement of the suspected killer's activity on ChatGPT, according to media reports. Microsoft shares were down 1%.

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