03:54 PM EDT, 06/18/2025 (MT Newswires) -- Technology stocks were higher late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) edging up 0.1% and the SPDR S&P Semiconductor ETF (XSD) rising 1.2%.

The Philadelphia Semiconductor index added 0.5%.

In sector news, Amazon.com ( AMZN ) , Alphabet's (GOOG) Google ( GOOG ), Microsoft ( MSFT ) , and Meta (META) are supporting a lobbying campaign to pass a 10-year ban on US states regulating AI models, the Financial Times reported late Tuesday. Lobbyists acting on behalf of the four tech giants are asking the US Senate to implement a 10-year moratorium on individual states introducing their own measures to regulate AI, the report said.

In corporate news, Microsoft ( MSFT ) is planning to cut thousands more jobs, with a focus on the sales team, amid heavy investment in AI, Bloomberg reported. Separately, The Information reported Microsoft's ( MSFT ) sales team lost several deals as OpenAI started discounting enterprise subscriptions for ChatGPT when customers spend on additional AI products. Microsoft ( MSFT ) shares rose 0.3%.

Meta Platforms ( META ) has offered Microsoft ( MSFT )-backed OpenAI workers signing bonuses of up to $100 million and larger annual compensation packages, media outlets reported, citing OpenAI Chief Executive Sam Altman. Meta shares were down 0.2%.

Texas Instruments ( TXN ) said it will invest over $60 billion to expand its US semiconductor manufacturing capacity. Its shares rose 0.4%.

Wolfspeed's ( WOLF ) creditors, including Apollo Global Management (APO), will take over the company as part of a deal that will speed up a Chapter 11 bankruptcy process, Bloomberg reported Tuesday. Wolfspeed ( WOLF ) shares fell 32%.