Technology stocks were declining premarket Wednesday, with the Technology Select Sector SPDR Fund (XLK) 0.4% lower and the SPDR S&P Semiconductor ETF (XSD) down 0.9%.

Rezolve AI (RZLV) stock was up more than 21% after the company raised its 2025 annual recurring revenue exit rate guidance to a minimum of $150 million from $100 million previously.

Axcelis Technologies (ACLS) and Veeco Instruments (VECO) said they have agreed to an all-stock merger, creating a combined semiconductor equipment company with an expected enterprise value of around $4.4 billion. Axcelis Technologies shares were 4% lower and Veeco Instruments shares were up nearly 7% pre-bell.

Qualcomm (QCOM) said a US district court judge dismissed the lone remaining claim in a lawsuit brought by Arm (ARM) over a license deal with Nuvia, upholding prior jury verdicts. Shares of Arm Holdings were up more than 2% premarket.