Tech stocks were lower Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.3% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 1.4%.

The Philadelphia Semiconductor index decreased 0.8%.

In corporate news, Microsoft-backed (MSFT) OpenAI said Monday it is signing multiyear partnerships with several consulting firms to allow their enterprise clients to deploy AI coworkers. Separately, OpenAI is projecting revenue to exceed $280 billion in 2030, Bloomberg reported Friday. Microsoft shares were down 2.6%.