Tech stocks were sharply lower Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 3.3% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 5.9%.

The Philadelphia Semiconductor index slumped 7.2%.

In corporate news, Alphabet's Google (GOOGL) is supporting a new 12-week incubator for AI startups founded by former Google employees, Bloomberg reported. Shares were down 0.4%.