01:37 PM EST, 01/22/2025 (MT Newswires) -- Tech stocks rose Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) rising 2.2% and the SPDR S&P Semiconductor ETF (XSD) adding 0.8%.

The Philadelphia Semiconductor index climbed 2.3%.

In corporate news, Microsoft ( MSFT ) said late Tuesday it partnered with OpenAI to cooperate on Stargate, a project announced by President Donald Trump a day after his inauguration. OpenAI said it will be an equity funder in Stargate along with Oracle (ORCL), SoftBank, and MGX with plans to invest $500 billion over the next four years on new AI infrastructure in the US. Microsoft ( MSFT ) shares jumped 3.6%, and Oracle surged 7.5%.