01:41 PM EDT, 10/23/2025 (MT Newswires) -- Tech stocks were higher Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.2% and the SPDR S&P Semiconductor ETF (XSD) adding 3.0%.

The Philadelphia Semiconductor index rose 2.4%.

In corporate news, the US government is not in discussions with quantum computing companies about taking equity stakes in exchange for federal funding, CNBC reported Thursday, citing a Commerce Department official. The denial comes a day after the Wall Street Journal, citing people familiar with the matter, said that the Trump administration was in talks to take equity stakes in companies including IonQ ( IONQ ) , Rigetti Computing ( RGTI ) , and D-Wave Quantum ( QBTS ) . IonQ ( IONQ ), Rigetti and D-Wave shares were rising 4%, 5.6%, and 9.4%.

Globalstar ( GSAT ) shares jumped past 6% after The Information reported Chair James Monroe has talked to associates about the possibility of selling the satellite company for over $10 billion.

IBM ( IBM ) lifted its full-year revenue growth outlook and reported better-than-expected Q3 results, but annual growth in its cloud business was lower versus the previous three-month period. Its shares fell 1.3%.