Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.7% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 3.7%.

The Philadelphia Semiconductor index climbed 3.4%.

In corporate news, Nvidia's (NVDA) fiscal Q1 sales are expected to outperform market projections, with potential for "enhanced" cash returns likely to be among the key areas of focus, BofA Securities said in a note. The brokerage maintained its buy rating on the Nvidia stock, with a $320 price objective, citing its "dominance in the fastest growing tech market and its compelling valuation." Nvidia shares rose 1.8%.