Tech stocks rose Wednesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) climbing 0.4% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 3.6%.

The Philadelphia Semiconductor index advanced 1.6%.

In corporate news, Seagate Technology (STX) shares gained 9.8% a day after the company reported stronger-than-expected fiscal Q3 earnings and revenue and projected Q4 results above estimates.

Spotify Technology (SPOT) shares rose 2.2% after Universal Music Group said it plans to sell half of its stake in the company.

Silicon Motion Technology (SIMO) shares surged 39% a day after the company reported a jump in Q1 non-GAAP earnings and sales, topping market expectations.

IBM (IBM) plans to add 750 jobs over the next five years at the Illinois Quantum and Microelectronics Park in Chicago, Bloomberg reported. The stock fell 1.5%.