03:42 PM EST, 12/11/2024 (MT Newswires) -- Tech stocks rose late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) adding 1.7% and the SPDR S&P Semiconductor ETF (XSD) climbing 3.3%.

The Philadelphia Semiconductor index popped 3.2%.

In corporate news, Foxo Technologies ( FOXO ) said Wednesday it has appointed Seamus Lagan as chief executive. The company also announced restructuring initiatives, including a stock swap to cut debt. Its shares tumbled past 8%.

Synopsys ( SNPS ) has offered to offload two units to win the EU's approval for its $35 billion acquisition of Ansys ( ANSS ) , Reuters reported. Synopsys ( SNPS ) shares gained 1.9% and Ansys ( ANSS ) added 1.3%.

Alphabet's (GOOG) Google ( GOOG ) launched the first version of its new artificial intelligence model called Gemini 2.0. Alphabet shares jumped 4.8%.

Apple ( AAPL ) is working with Broadcom ( AVGO ) as it develops its first server chip specially designed for artificial intelligence, The Information reported. Apple ( AAPL ) shares shed 0.4% and Broadcom ( AVGO ) jumped 7%. Separately, Apple ( AAPL ) said Wednesday that ChatGPT is now integrated into Siri as part of the updates that it released for its devices.