03:57 PM EDT, 04/09/2025 (MT Newswires) -- Tech stocks surged late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) jumping 12.7% and the SPDR S&P Semiconductor ETF (XSD) jumping 18.7%.

The Philadelphia Semiconductor index soared 17%.

In sector news, Booz Allen Hamilton (BAH), Accenture (ACN), IBM (IBM) and other large consulting groups faced accusations of "financial obfuscations" from the Trump administration during contracts reviews, with threats to "recompete" long-standing agreement, the Financial Times reported, citing a letter to the companies from the General Services Administration.

In corporate news, Alphabet (GOOG) reaffirmed plans to spend $75 billion in 2025 to boost its data center capacity, Reuters reported, citing CEO Sundar Pichai. Alphabet jumped past 9%.

Verizon (VZ) has seen a nearly 40% sales increase by its customer service team following the deployment of an AI assistant developed by Alphabet's Google Cloud unit, Reuters reported. Verizon shares rose 1.5%.

Meta's (META) Instagram is working on a version of its app that is specifically designed for Apple's (AAPL) iPad devices, The Information reported Tuesday. Meta shares jumped 15%, and Apple soared 16%.

Bitdeer Technologies (BTDR) shares surged 20% after it said it self-mined 114 bitcoins in March, up from 110 the month before.