Tech stocks were higher Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 2% and the SPDR S&P Semiconductor ETF (XSD) climbing 3.1%.
The Philadelphia Semiconductor index added 2.3%.
In corporate news, Microsoft (MSFT) shares rose 2.5%. The company launched Microsoft 365 Copilot Chat that adds "pay-as-you-go agents" to the current free chat service for commercial clients of Microsoft 365.
Quantum computing stocks rose after a Microsoft blog post said 2025 is the year to get "quantum ready." Rigetti Computing (RGTI) shares jumped over 21%, D-Wave Quantum (QBTS) gained 19%, and IONQ (IONQ) surged 31%.
The US plans to unveil new regulations aimed at preventing advanced chips, particularly those made by Taiwan Semiconductor Manufacturing (TSM), from reaching China, Bloomberg reported. Taiwan Semiconductor shares were rising 1.9%.
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