01:37 PM EDT, 03/12/2025 (MT Newswires) -- Tech stocks were higher Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 2.1% and the SPDR S&P Semiconductor ETF (XSD) up 2.3%.

The Philadelphia Semiconductor index climbed 3.3%.

In corporate news, Intel ( INTC ) shares jumped 4.7% following a Reuters report that Taiwan Semiconductor Manufacturing ( TSM ) has approached major semiconductor companies, including Nvidia ( NVDA ) , Advanced Micro Devices ( AMD ) and Broadcom ( AVGO ) , to form a joint venture that would operate the chipmaker's factories.