Technology stocks were advancing premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) 1.3% higher and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.7%.

Tower Semiconductor (TSEM) stock was up more than 6% after the company posted higher Q4 earnings and revenue.

Netease (NTES) shares were down more than 1% after the company reported a decline in Q4 non-GAAP net income.

Unity Software (U) stock was down more than 23% after the company issued Q1 revenue guidance below analysts' consensus.