03:28 PM EDT, 07/16/2025 (MT Newswires) -- Tech stocks were up late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 0.1% and the SPDR S&P Semiconductor ETF (XSD) adding 0.7%.

The Philadelphia Semiconductor index was shedding 0.7%.

In corporate news, Meta-backed (META) Scale AI is shedding 200 full-time employees, or 14% of its global workforce, and will also stop working with 500 of its thousands of global contractors, Bloomberg reported Wednesday, citing a Scale AI spokesperson. Meta shares were down 1.1%.