01:54 PM EST, 01/22/2025 (MT Newswires) -- Tech stocks were higher Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 2.5% and the SPDR S&P Semiconductor ETF (XSD) adding 0.8%.

The Philadelphia Semiconductor index climbed 2.6%.

In corporate news, Microsoft ( MSFT ) said late Tuesday it partnered with OpenAI to cooperate on Stargate, a project announced by President Donald Trump a day after his inauguration. OpenAI said it will be an equity funder in Stargate along with Oracle (ORCL), SoftBank, and MGX with plans to invest $500 billion over the next four years on new AI infrastructure in the US. Microsoft ( MSFT ) shares popped 3.9%, and Oracle jumped 7.2%.

Arm (ARM) is also one of the technology partners in the project, OpenAI said. Arm shares surged nearly 16%.

Meta (META) is working to upgrade its smart glasses and explore new wearable devices like watches and camera-equipped earbuds to integrate more AI features into its products, Bloomberg reported. Meta shares rose 1.7%.