Tech stocks gained Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 0.9% and the SPDR S&P Semiconductor ETF (XSD) rising 1.7%.
The Philadelphia Semiconductor index rose 2.1%.
In corporate news, Alphabet (GOOG) shares fell past 7% after it reported late Tuesday Q4 revenue that trailed analysts' estimates.
Advanced Micro Devices (AMD) shares fell 7.8% after the company forecasted a sequential decline in revenue for Q1 and reported weaker-than-expected data center sales for Q4 despite upbeat top- and bottom-line results.
Apple (AAPL) faces a potential investigation by Chinese regulators, specifically the State Administration for Market Regulation, into its App Store fees and policies that restrict third-party payment providers, which highlights broader tensions between China and US tech companies, Wedbush said in a note Wednesday. Apple shares fell 1.2%.
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