03:20 PM EDT, 06/18/2025 (MT Newswires) -- Technology stocks climbed late Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) edging up 0.1% and the SPDR S&P Semiconductor ETF (XSD) rising 1.2%.

The Philadelphia Semiconductor index added 0.5%.

In corporate news, Microsoft ( MSFT ) is planning to cut thousands more jobs, with a focus on the sales team, amid heavy investment in AI, Bloomberg reported. Separately, The Information reported Microsoft's ( MSFT ) sales team lost several deals as OpenAI started discounting enterprise subscriptions for ChatGPT when customers spend on additional AI products. Microsoft ( MSFT ) shares rose 0.1%.