03:51 PM EDT, 09/11/2024 (MT Newswires) -- Tech stocks were higher late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 2.9% and the SPDR S&P Semiconductor ETF (XSD) climbing 3.6%.

The Philadelphia Semiconductor index popped 4.4%.

In corporate news, Nvidia ( NVDA ) may receive approval from the US government to begin shipping chips to Saudi Arabia for artificial intelligence workloads, Semafor reported Wednesday. Nvidia ( NVDA ) shares jumped 7.3%.

NXP Semiconductors ( NXPI ) will invest more than $1 billion in India to boost its research and development efforts, Reuters reported Wednesday, citing Chief Executive Kurt Sievers. NXP shares rose 2.1%.

Amazon.com's ( AMZN ) Amazon Web Services plans to invest 8 billion British pounds ($10.47 billion) from 2024 through 2028 to build, operate and maintain data centers in the UK. Amazon ( AMZN ) shares added 2.1%.

Dell (DELL) said late Tuesday in a filing that it forecasts "a continued reduction" in its overall headcount this year as it grapples with a personal computer refresh cycle that is yet to materialize. Its shares were rising 0.7%.