03:50 PM EDT, 03/27/2024 (MT Newswires) -- Tech stocks were higher late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 0.4% and the SPDR S&P Semiconductor ETF (XSD) gaining 2%.

The Philadelphia Semiconductor index rose 1%.

In corporate news, Direct Digital ( DRCT ) shares plunged 38% after it swung to a loss late Tuesday while reporting lower-than-expected Q4 sales. Roth MKM cut the company's price target to $19 from $27.50, while keeping the buy rating.

Amazon.com ( AMZN ) said Wednesday it has made an additional $2.75 billion investment in Anthropic, bringing its total investment to $4 billion. Amazon ( AMZN ) said the investment is for a minority ownership position in Anthropic. It is part of a collaboration between Amazon ( AMZN ), Anthropic and Accenture ( ACN ) to advance generative artificial intelligence. Amazon ( AMZN ) shares rose 0.8% and Accenture ( ACN ) was adding 1.5%.

Reddit ( RDDT ) shares dropped almost 10% as research investment firm Hedgeye Risk Management released a report calling the social media platform a "short idea."

nCino's (NCNO) shares jumped past 18% as Baird and Needham adjusted their price targets, following its Q4 results the day before.