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, 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%.