03:43 PM EDT, 03/19/2025 (MT Newswires) -- Tech stocks gained late Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) rising 1.7% and the SPDR S&P Semiconductor ETF (XSD) adding 1.2%.

The Philadelphia Semiconductor Index gained 1.5%.

In sector news, Elon Musk's social media platform X secured almost $1 billion in new equity, valuing the company at about $32 billion, Bloomberg reported.

In corporate news, Nvidia ( NVDA ) acquired Gretel, a venture-backed startup that produces synthetic data used by AI companies to train their applications, Wired reported. Nvidia ( NVDA ) shares rose 2.8%.