Tech stocks rose late Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) gaining 0.5% and the SPDR S&P Semiconductor ETF (XSD) advancing 1.3%.

The Philadelphia Semiconductor index climbed 2.1%.

In corporate news, Jamf (JAMF) shares jumped 15% after the company agreed to be acquired by Francisco Partners for $2.2 billion in cash.

Teradyne (TER) shares surged 21%, a day after the company reported Q3 results that beat consensus estimates, along with Q4 guidance that topped expectations.

Nvidia's (NVDA) shares climbed 2.9%, becoming the first company to reach a market capitalization of $5 trillion. Media reports said President Donald Trump may discuss the company's Blackwell AI chip with Chinese President Xi Jinping during a meeting on Thursday. Nvidia Chief Executive Jensen Huang said Tuesday that orders worth over $500 billion have been secured for the company's AI chips through the end of next year.

Microsoft's (MSFT) cloud computing service Azure experienced an outage with customers reporting issues accessing the Azure Portal. On its Azure status webpage, Microsoft cited Domain Name System issues that disrupted availability across several services. Microsoft shares eased 0.3%.