03:49 PM EST, 01/22/2025 (MT Newswires) -- Tech stocks were higher late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 2.4% and the SPDR S&P Semiconductor ETF (XSD) up 0.5%.

The Philadelphia Semiconductor index climbed 2%.

In corporate news, Microsoft ( MSFT )-backed (MSFT) OpenAI plans to launch this week ChatGPT's automating capability for complex tasks commonly done on the Web browser, The Information reported. Microsoft ( MSFT ) shares were rising 3.9%.

Microsoft ( MSFT ) said late Tuesday it partnered with OpenAI on Stargate, a project announced by President Donald Trump a day after his inauguration. OpenAI said it will be an equity funder in Stargate along with Oracle (ORCL), SoftBank, and MGX with plans to invest $500 billion over the next four years on new AI infrastructure in the US. Oracle shares jumped past 6%.

Arm (ARM) is also one of the technology partners in the project, OpenAI said. Arm shares surged nearly 16%.

Agilysys ( AGYS ) shares dropped nearly 20% after it lowered its fiscal 2025 revenue guidance following its Q3 results.