Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.2% and the State Street SPDR S&P Semiconductor ETF (XSD) up 2.2%.

The Philadelphia Semiconductor index climbed 3.4%.

In corporate news, Intel (INTC) has started risk production of its most advanced chip node, 18A-P, bringing the company closer to a potential deal to make chips for Apple (AAPL), CNBC reported Tuesday. Intel shares rose 4.2%, and Apple was down 0.7%.

Hewlett Packard Enterprise (HPE) shares rose 3% after the firm said it was selected by Vultr along with Nvidia (NVDA) to support large-scale AI data center deployments. Nvidia shares were flat.

SpaceX (SPCX) shares fell 1.8% after rising over the past two days following its record-setting initial public offering on Friday. Investor Michael Burry, known for calling the US housing collapse and the 2008 financial crisis, wrote in his newsletter on Tuesday that the company's put options remain too expensive, according to a CNBC report.