Tech stocks were lower Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.8% and the SPDR S&P Semiconductor ETF (XSD) falling 1.6%.

The Philadelphia Semiconductor index declined 1.7%.

In corporate news, Oracle (ORCL) is seeing thin profit margins in its fast-growing AI cloud server business, according to internal documents cited by The Information on Monday. Oracle shares were down 3.9%.

IBM (IBM) and Amazon-backed (AMZN) Anthropic said Tuesday they are forming a partnership through which Anthropic's Claude -- a family of large language models -- will be integrated into IBM software products. IBM shares rose 2%, and Amazon was fractionally higher.

Dell (DELL) said Tuesday it raised its annual revenue growth target to a range of 7% to 9% from 3% to 4%. The company also lifted its annual non-GAAP earnings per share growth forecast to 15% or better from 8% or better. It shares added 2.2%.