01:51 PM EST, 03/05/2025 (MT Newswires) -- Tech stocks rose Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 0.3% and the SPDR S&P Semiconductor ETF (XSD) adding 0.2%.

The Philadelphia Semiconductor index rose 0.7%.

In sector news, the US Commerce Department is considering revamping a program aimed at expanding US internet access with new rules that would make it easier for Trump administration political ally Elon Musk's Starlink satellite broadband service to cash in, The Wall Street Journal reported.

In corporate news, CrowdStrike ( CRWD ) shares dropped 7.1%, a day after the company's fiscal Q1 and full-year earnings guidance trailed analyst estimates.

Microsoft's (MSFT) partnership with OpenAI does not qualify for investigation under UK merger rules, the country's Competition and Markets Authority said. Microsoft shares rose 1.6%.

Alphabet's (GOOG) Google ( GOOG ) has called on the US Department of Justice to keep the company intact as officials consider breaking up the search engine giant to resolve two anti-monopoly cases, media outlets reported. Alphabet shares added 0.8%.