Tech stocks dropped Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) decreasing 0.8% and the SPDR S&P Semiconductor ETF (XSD) falling 1.4%.

The Philadelphia Semiconductor index shed 0.9%.

In corporate news, Apple's (AAPL) streaming service Apple TV+ is losing over $1 billion a year despite subscriptions having grown to 45 million last year, The Information reported. Separately, Apple is moving its Vision Products Group chief Mike Rockwell to take charge of the Siri digital assistant after Chief Executive Officer Tim Cook lost confidence in the ability of AI head John Giannandrea to execute on product development, Bloomberg reported. Apple shares dropped 0.8%.