01:59 PM EDT, 03/25/2026 (MT Newswires) -- Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) increasing 0.5% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 1.6%.

The Philadelphia Semiconductor index climbed 1.2%.

In sector news, Elon Musk's SpaceX intends to submit its IPO prospectus to regulators as early as this week for a potential June market debut, The Information reported. Advisors anticipate the offering could seek over $75 billion, higher than previous $50 billion estimates for the $1.25 trillion aerospace company, the report said.

In corporate news, Meta Platforms ( META ) will lay off a few hundred workers across the company on Wednesday, The Information reported. The cuts will impact Meta's hardware platforms and wearables division, Reality Labs, as well as its social media teams, recruiting operations and a smaller figure in sales, the report said. Meta shares rose 1.2%.

President Donald Trump plans to name Meta Chief Executive Mark Zuckerberg, Oracle (ORCL) CEO Larry Ellison and Nvidia ( NVDA ) CEO Jensen Huang to a technology council that will weigh in on AI policy and other tech issues, The Wall Street Journal reported, citing a White House official. The President's Council of Advisors on Science and Technology will be co-chaired by David Sacks and Michael Kratsios, who have served as White House AI and crypto czar and White House technology adviser, respectively, the report said, citing the official. Oracle shares were down 0.2%, and Nvidia ( NVDA ) added 2.3%.

Paychex ( PAYX ) affirmed its fiscal 2026 guidance Wednesday after delivering stronger-than-expected Q3 results, as the company benefited from its AI initiatives. Its shares rose 2.1%.

Arm (ARM) expects "material revenue" from its first in-house chip starting in 2028, with "an exponential ramp" to roughly $15 billion in 2031, Chief Financial Officer Jason Child said late Tuesday, according to a FactSet transcript. Arm shares surged past 18%.