Sector Update: Tech Stocks Mixed in Afternoon Trading

Tech stocks were mixed Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing less than 0.1% and the SPDR S&P Semiconductor ETF (XSD) adding 2.3%.

The Philadelphia Semiconductor index rose 0.6%.

In corporate news, Amazon.com AMZN said Wednesday it has made an additional $2.75 billion investment in Anthropic, bringing its total investment to $4 billion. Amazon said the investment is for a minority ownership position in Anthropic. It is part of a collaboration between Amazon, Anthropic and Accenture (ACN) to advance generative artificial intelligence. Amazon shares rose 0.5%.

Reddit RDDT shares fell 8% in recent trading as research investment firm Hedgeye Risk Management released a report calling the social media platform a "short idea."

nCino's NCNO shares jumped past 18% as Baird and Needham adjusted their price targets following the company's Q4 results the day before.