03:53 PM EDT, 06/05/2024 (MT Newswires) -- Tech stocks gained late Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) climbing 2% and the SPDR S&P Semiconductor ETF (XSD) jumping 3.4%.

The Philadelphia Semiconductor index surged 4%.

In corporate news, Guidewire Software ( GWRE ) shares gained past 18% after several analysts boosted price targets on the stock, a day after the company reported swing to fiscal Q3 earnings and revenue that topped estimates by analysts.

Applied Materials ( AMAT ) shares rose nearly 5% as Barclays upgraded the company's stock to equalweight from underweight and raised the price target to $225 from $165.

Super Micro Computer ( SMCI ) shares popped nearly 4% after it said Wednesday it launched a liquid-cooled artificial intelligence data center optimized for the Nvidia (NVDA) AI Enterprise software platform.

Hewlett Packard Enterprise (HPE) shares jumped almost 11%, a day after the company reported stronger-than-expected sales and earnings for fiscal Q2, while raising its guidance for full year.