01:33 PM EDT, 09/10/2025 (MT Newswires) -- Tech stocks were higher Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.9% and the SPDR S&P Semiconductor ETF (XSD) up 0.8%.

The Philadelphia Semiconductor index climbed 2.3%.

In corporate news, Oracle (ORCL) shares surged past 38% after the company overnight reported higher fiscal Q1 results and said its contract backlog will likely exceed half a trillion dollars amid strong demand over the coming months. Separately, Oracle Founder, Chair and Chief Technology Officer Larry Ellison has become the world's richest person as his fortune increased by $101 billion to $393 billion after the company's fiscal Q1 results, according to media reports.

Vimeo ( VMEO ) shares increased 60% after the company said Wednesday it has agreed to be acquired by Bending Spoons for $1.38 billion in cash.

Synopsys ( SNPS ) shares fell 35% after the company lowered its full-year profit outlook, while its fiscal Q3 earnings unexpectedly declined year over year amid underperformance in its IP business.