01:57 PM EDT, 07/10/2024 (MT Newswires) -- Tech stocks were higher Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.1% and the SPDR S&P Semiconductor ETF (XSD) climbing 2.3%.

The Philadelphia Semiconductor index advanced 2.1%.

In corporate news, Intuit (INTU) shares fell 3% after the firm said it will eliminate around 1,800 jobs and close facilities in Boise, Idaho and Edmonton, Alberta, Canada in order to reallocate resources supporting artificial intelligence initiatives and other high-growth sectors.

Advanced Micro Devices ( AMD ) shares rose 2.8% after the company said Wednesday it has agreed to buy Silo AI in an all-cash deal valued at about $665 million.

Microsoft ( MSFT ) and Apple ( AAPL ) have abandoned observer seats on OpenAI's board amid heightened regulatory scrutiny of investments in AI startups, several news outlets reported Wednesday. Microsoft ( MSFT ) shares were adding 1% and Apple ( AAPL ) was up 1.4%.