01:44 PM EDT, 04/09/2025 (MT Newswires) -- Tech stocks were rising Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) jumping 9% and the SPDR S&P Semiconductor ETF (XSD) spiking more than 11%.

The Philadelphia Semiconductor index surged past 11%.

In sector news, China said Wednesday that any deal for TikTok must comply with Chinese law, Reuters reported. This follows US President Donald Trump's extension of the deadline for the TikTok sale by 75 days. The extension came after reports that a deal to spin off TikTok's US assets was put on hold.

In corporate news, Verizon (VZ) has seen a nearly 40% sales increase by its customer service team following the deployment of an AI assistant developed by Alphabet's (GOOG) Google Cloud unit, Reuters reported. Verizon shares rose 1.8% and Alphabet was rising 6%.