03:55 PM EDT, 03/19/2025 (MT Newswires) -- Tech stocks rose late Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) climbing 1.5% and the SPDR S&P Semiconductor ETF (XSD) adding 1.2%.

The Philadelphia Semiconductor Index advanced 1.4%.

In sector news, Elon Musk's social media platform X secured almost $1 billion in new equity, valuing the company at about $32 billion, Bloomberg reported.

In corporate news, Nvidia ( NVDA ) acquired Gretel, a venture-backed startup that produces synthetic data used by AI companies to train their applications, Wired reported. Nvidia ( NVDA ) shares rose 2.6%.

Autodesk ( ADSK ) is facing a potential proxy fight as activist investor Starboard Value seeks to nominate a slate of directors at the company's annual meeting. Autodesk ( ADSK ) shares gained 3.4%.

Meta (META) shares are being sold by Ark Investment Management for the first time in around a year, Bloomberg reported. Meta shares rose 0.8%.

GDS (GDS) shares fell 13% after the company reported Q4 revenue missed estimates by analysts.