01:45 PM EDT, 05/20/2026 (MT Newswires) -- Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.8% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 4%.

The Philadelphia Semiconductor index popped 3.6%.

In corporate news, Nvidia's ( NVDA ) fiscal Q1 sales are expected to outperform market projections, with potential for "enhanced" cash returns likely to be among the key areas of focus, BofA Securities said in a note. The brokerage maintained its buy rating on the Nvidia ( NVDA ) stock, with a $320 price objective, citing its "dominance in the fastest growing tech market and its compelling valuation." Nvidia ( NVDA ) shares rose 1.8%.

Microsoft ( MSFT )-backed (MSFT) OpenAI has been working with bankers in preparation of filing for an initial public offering in the coming days or weeks, The Wall Street Journal reported. Microsoft ( MSFT ) shares added 0.9%.

Intuit (INTU) is laying off about 17% of its global workforce, or roughly 3,000 employees, as part of a restructuring aimed at simplifying operations and sharpening focus on key priorities, including AI initiatives, Reuters reported. Intuit shares were down 3.5%.