Tech stocks were higher Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 0.8% and the Philadelphia Semiconductor index advancing 0.9%.
In corporate news, Microsoft-backed (MSFT) OpenAI reached an agreement in principle for Sam Altman to return as the startup’s chief executive after being abruptly fired last week. Microsoft shares rose 1.5%.
Nvidia (NVDA) fell 1.7% after Chief Financial Officer Colette Kress said late Tuesday sales to China and other destinations affected by the US government’s recent export control regulations will decline significantly in Q4.
Baidu (BIDU) jumped 6.4%, a day after the company reported higher Q3 results that exceeded analysts’ expectations.
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