Tech stocks are leading gains after major corporations reported strong earnings for the final quarter of 2021. Here’s what we’re watching in Wednesday’s trading:

• Google parent  Alphabet posted another quarter of strong sales growth and said that it would do a 20-for-1 split of its stock.
• PayPal shares plunged after the payments company issued lackluster guidance for the year and said rising inflation’s effect on consumers will hit transaction volumes. Another payments company, Block , formerly known as Square, was also down.

• Chip maker Advanced Micro Devices reported revenue and a sales outlook above analysts’ forecasts. The update also boosted shares of Xilinx , a semiconductor firm AMD is planning to acquire. Fellow chip makers Nvidia and Marvell Technology posted gains.
• General Motors reported higher earnings and said it plans to accelerate the timetable for some electric-vehicle launches.
• AMC Entertainment edged down, eating into some of Tuesday’s 5% gain that came after Chief Executive Adam Aron said the quarterly results will be the company’s strongest since before the Covid-19 pandemic.
• Starbucks said holiday sales helped boost its business in its most recent quarter, though higher-than-expected inflation, a tight labor market and cost increases limited results.
• AbbVie reported earnings and gave forward guidance that beat analysts’ expectations.
• Meta Platforms , MetLife and Qualcomm are among the companies giving updates after the close.

Chart of the Day

• Activists are taking advantage of slumping stock prices to push for changes at some of the U.K.’s biggest publicly traded companies.

Write to James Willhite at james.willhite@wsj.com