03:44 PM EDT, 08/27/2025 (MT Newswires) -- Tech stocks were higher late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) and the SPDR S&P Semiconductor ETF (XSD) adding 0.4%.

The Philadelphia Semiconductor index increased 0.1%.

In corporate news, Alphabet's (GOOG) Google ( GOOG ) has eliminated 35% of its managers overseeing small teams, CNBC reported, citing audio from an all-hands meeting it reviewed. Alphabet shares were fractionally higher.

MongoDB ( MDB ) shares surged 37% after the database software maker lifted its full-year outlook on the back of stronger-than-expected fiscal Q2 results.

A potential stake in Nvidia ( NVDA ) is "not on the table," US Treasury Secretary Scott Bessent said in an interview, Fox Business reported Wednesday. Nvidia ( NVDA ) shares were down 0.1%.

Microsoft's ( MSFT ) negotiations with OpenAI over key contract terms are likely to push OpenAI's corporate restructuring into next year, the Financial Times reported. Microsoft ( MSFT ) shares increased 0.9%.

Jinxin Technology ( NAMI ) shares soared 28% after it said its AI-backed learning glasses that are being co-developed with Microlumin are slated to hit the market in Q4 and are expected to generate "tens of millions of US dollars in sales."