03:47 PM EDT, 03/25/2026 (MT Newswires) -- Tech stocks were higher late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) increasing 0.4% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 1.6%.

The Philadelphia Semiconductor index climbed 1.1%.

In sector news, Elon Musk's SpaceX intends to submit its IPO prospectus to regulators as early as this week for a potential June market debut, The Information reported. Advisors anticipate the offering could seek over $75 billion, higher than previous $50 billion estimates for the $1.25 trillion aerospace company, the report said.

In corporate news, Meta Platforms ( META ) and Alphabet's (GOOGL) Google were found liable by a jury for a 20-year-old woman's alleged addiction to their social media platforms, multiple news outlets reported Wednesday. Separately, Meta will lay off a few hundred workers across the company on Wednesday, The Information reported. Meta shares were up 0.4%, and Alphabet was down 0.1%.

Salesforce ( CRM ) is skipping raises this year for director-level employees and above, Business Insider reported, citing an internal memo. Top performers at these levels will instead receive larger stock grants and bonuses, while merit increases will apply only to senior managers and below. The company is calling it an "investment in performance and long-term growth," the report said. Salesforce ( CRM ) shares were down 0.6%.

Arm (ARM) expects "material revenue" from its first in-house chip starting in 2028, with "an exponential ramp" to roughly $15 billion in 2031, Chief Financial Officer Jason Child said late Tuesday, according to a FactSet transcript. Arm shares surged past 17%.

Paychex ( PAYX ) affirmed its fiscal 2026 guidance Wednesday after delivering stronger-than-expected Q3 results, as the company benefited from its AI initiatives. Its shares rose 3%.