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Sector Update: Tech Stocks Rise Premarket Wednesday

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Technology stocks were rising premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) up 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) advancing by 2.1%

Nokia (NOK) will expand its advanced semiconductor test and packaging facilities in Allentown, Pennsylvania, to increase the manufacturing of photonic chips for artificial intelligence networks, the company said. Shares of Nokia were up more than 2% pre-bell.

Applied Optoelectronics (AAOI) said its subsidiary, Global Technology, entered into a one-year credit line agreement with Shanghai Pudong Development Bank in China, providing access to up to 500 million renminbi ($74 million) in financing. Applied Optoelectronics stock was up more than 3% premarket.

Ouster (OUST) and AIM Intelligent Machines have formed an agreement to retrofit heavy machinery and vehicles into AI-powered fleets for use in mining, construction, and defense sites globally, the companies said. Ouster shares were up more than 2% pre-bell.

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Sector Update: Financial Stocks Rise Late Afternoon

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