---
title: "Sector Update: Tech Stocks Gain Late Afternoon"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/287113193.md"
description: "Tech stocks rose late Wednesday, with the State Street Technology Select Sector SPDR ETF up 2.1% and the Philadelphia Semiconductor index up 4.1%. Microsoft-backed OpenAI plans an IPO valuing it over $1 trillion. Nvidia's Q1 sales are expected to exceed projections, maintaining a buy rating with a $320 target. Meta's CEO announced no further layoffs this year after a 10% workforce cut, while Intuit is laying off 17% of its workforce. Meta shares rose 0.2%, Intuit shares fell 3.6%."
datetime: "2026-05-20T19:50:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/287113193.md)
  - [en](https://longbridge.com/en/news/287113193.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/287113193.md)
---

# Sector Update: Tech Stocks Gain Late Afternoon

03:50 PM EDT, 05/20/2026 (MT Newswires) -- Tech stocks were higher late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.1% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 4.7%.

The Philadelphia Semiconductor index popped 4.1%.

In corporate news, Microsoft ( MSFT )\-backed OpenAI (MSFT) is aiming for an initial public offering as soon as September that will value the company at more than $1 trillion, the Financial Times reported. Microsoft ( MSFT ) shares rose 1%.

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 ( NVDA ) stock, with a $320 price objective, citing its "dominance in the fastest growing tech market and its compelling valuation." Nvidia ( NVDA ) shares rose 1.3%.

Meta Platforms ( META ) CEO Mark Zuckerberg told employees the company does not expect further company-wide layoffs this year, Reuters reported, citing an internal memo. Meta on Wednesday cut 10% of its global workforce and reassigned 7,000 employees to AI-related initiatives as part of a broad restructuring, the report said. Meta shares added 0.2%.

Intuit (INTU) is laying off about 17% of its global workforce, or roughly 3,000 employees, as part of a restructuring aimed at simplifying operations and sharpening focus on key priorities, including AI initiatives, Reuters reported. Intuit shares were down 3.6%.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

### Related Stocks

- [META.US](https://longbridge.com/en/quote/META.US.md)
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- [FBL.US](https://longbridge.com/en/quote/FBL.US.md)
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- [NVDU.US](https://longbridge.com/en/quote/NVDU.US.md)
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- [XSD.US](https://longbridge.com/en/quote/XSD.US.md)
- [MSFT.US](https://longbridge.com/en/quote/MSFT.US.md)
- [OpenAI.NA](https://longbridge.com/en/quote/OpenAI.NA.md)
- [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md)
- [INTU.US](https://longbridge.com/en/quote/INTU.US.md)
- [NVD.DE](https://longbridge.com/en/quote/NVD.DE.md)

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