03:44 PM EDT, 10/08/2025 (MT Newswires) -- Tech stocks rose late Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) adding 1.6% and the SPDR S&P Semiconductor ETF (XSD) advancing 2.3%.

The Philadelphia Semiconductor index climbed 3%.

In sector news, tech giants such as Microsoft ( MSFT ) , Alphabet (GOOG), and Amazon ( AMZN ) , riding the wave of the AI boom, are poised to report robust quarterly results, Wedbush Securities said. Its analysis indicates a "very strong" earnings season for the broader tech industry, particularly for the three cloud stalwarts, amid rising AI enterprise demand.

In corporate news, Dell Technologies' ( DELL ) long-term financial targets support stronger revenue growth than expected over the coming years, UBS Securities said, raising its price target on the stock to $186 from $155 and maintaining its buy rating. Dell shares jumped 8.6%.

Advanced Micro Devices' ( AMD ) recent deal with OpenAI is a major validation of the chipmaker's roadmap that may attract more clients, UBS Securities said. Separately, Loop Capital increased its price target on AMD stock to $240 from $195 and reiterated its buy rating. The shares jumped 11%.

Apple ( AAPL ) and Meta (META) are nearing settlements with the European Commission to resolve antitrust cases and avoid escalating fines under the EU's Digital Markets Act, the Financial Times reported. The shares of both companies rose 0.7%.

AST SpaceMobile ( ASTS ) shares rose 9.8% after the company agreed to provide its direct-to-cellular service to customers of Verizon Communications (VZ) from next year.