Tech stocks were lower Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 1.8%.

The Philadelphia Semiconductor index declined 1.6%.

In corporate news, investors are overestimating the impact of Trade Desk's (TTD) potential partnership with OpenAI, as the rumored ChatGPT ad deal is unlikely to have an immediate material effect, Wedbush Securities said in a note. The brokerage lowered Trade Desk's stock rating to underperform from neutral and maintained its 12-month price target of $23. Trade Desk shares fell 3%.