04:01 PM EDT, 07/16/2025 (MT Newswires) -- Tech stocks were up late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 0.3% and the SPDR S&P Semiconductor ETF (XSD) adding 0.7%.

The Philadelphia Semiconductor index was shedding 0.5%.

In corporate news, Meta-backed (META) Scale AI is shedding 200 full-time employees, or 14% of its global workforce, and will also stop working with 500 of its thousands of global contractors, Bloomberg reported Wednesday, citing a Scale AI spokesperson. Meta shares were down 1%.

Alphabet's (GOOG) Google ( GOOG ) said it is holding its annual product launch event on Aug. 20 in New York City, media outlets reported, citing an invitation they received from the company. Alphabet shares were adding 0.5%.

ASML ( ASML ) shares fell 8% after its fiscal Q3 sales guidance missed Wall Street estimates. The company cited "increasing uncertainty driven by macroeconomic and geopolitical developments" as clouding the 2026 outlook.

Bitmine Immersion Technologies ( BMNR ) shares jumped past 14% after Peter Thiel's Founders Fund acquired about 5 million shares of the bitcoin miner.

Rigetti Computing ( RGTI ) shares surged 32% after the firm said it hit its midyear performance milestone of 99.5% median two-qubit gate fidelity on its modular 36-qubit system, effectively halving the error rate.