<div id="readability-page-1">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&amp;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 &#34;enhanced&#34; 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 &#34;dominance in the fastest growing tech market and its compelling valuation.&#34; 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.</div>

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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%.

- Tech stocks rose on May 20, 2026, with the State Street Technology Select Sector SPDR ETF (XLK) increasing by 2.1% and the Philadelphia Semiconductor index up 4.1%.  
- OpenAI, backed by Microsoft, plans for an IPO potentially valuing the company over $1 trillion, while Nvidia's first-quarter sales are anticipated to exceed market expectations.  
- Meta Platforms announced no further layoffs this year after recent cuts, and Intuit is laying off about 3,000 employees in a restructuring effort focused on AI.

Sector Update: Tech Stocks Gain Late Afternoon