04:02 PM EDT, 08/21/2024 (MT Newswires) -- Tech stocks were rising late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) increasing 0.6% and the SPDR S&P Semiconductor ETF (XSD) climbing 2.4%.

The Philadelphia Semiconductor Index gained 1.4%.

In corporate news, Analog Devices ( ADI ) shares rose nearly 2%. The company guided for a sequential improvement in fiscal Q4 results on Wednesday after performing better than expected in Q3.

Neonode ( NEON ) shares surged past 50% after its patent lawsuit over the Samsung Electronics touchscreen was revived by the US Court of Appeals for the Federal Circuit.

Keysight Technologies ( KEYS ) shares jumped nearly 14%. The company posted better-than-expected fiscal Q3 results, while Chief Executive Satish Dhanasekaran forecast H2 orders to be higher than the previous six-month period.

GDS (GDS) shares popped over 17% after the company's Q2 results exceeded market expectations.