01:58 PM EDT, 06/12/2024 (MT Newswires) -- Tech stocks rose Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) climbing 2.6% and the SPDR S&P Semiconductor ETF (XSD) jumping 3.2%.

The Philadelphia Semiconductor index added 2.9%.

In corporate news, Oracle (ORCL) shares surged 12%, a day after the company reported an increase in fiscal Q4 sales and unveiled partnerships with Microsoft ( MSFT ) and Alphabet's (GOOG, GOOGL) Google.

Microsoft ( MSFT ) picked Taiwan-based chip design firm MediaTek to develop an AI-compatible Arm (ARM) chip that will run the Windows operating system, Reuters reported. Microsoft ( MSFT ) shares added 1.6%, and Arm jumped 7.7%.

Beamr Imaging ( BMR ) shares soared 27%, a day after the company said its cloud product is available on Oracle's Cloud Marketplace.