03:47 PM EST, 02/05/2025 (MT Newswires) -- Tech stocks were higher late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) adding 1.3% and the SPDR S&P Semiconductor ETF (XSD) climbing 2.1%.

The Philadelphia Semiconductor index rose 2.3%.

In corporate news, Microsoft ( MSFT )-backed (MSFT) OpenAI's Chief Executive Sam Altman intends to travel to the United Arab Emirates this week for talks with investment group MGX to raise funds, Reuters reported. Microsoft ( MSFT ) shares were up 0.2%.

Alphabet (GOOG) shares fell past 7% after it reported late Tuesday Q4 revenue that trailed analysts' estimates.

Advanced Micro Devices ( AMD ) shares declined 7% after the company forecasted a sequential decline in revenue for Q1 and reported weaker-than-expected data center sales for Q4 despite upbeat top- and bottom-line results.

Apple ( AAPL ) faces a potential investigation by Chinese regulators, specifically the State Administration for Market Regulation, into its App Store fees and policies that restrict third-party payment providers, which highlights broader tensions between China and US tech companies, Wedbush said in a note. Apple ( AAPL ) shares decreased 0.6%.