Tech stocks declined Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 1% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 3.7%.

The Philadelphia Semiconductor index dropped 1.7%.

In corporate news, Cerebras Systems (CBRS) reported a Q1 net loss late Tuesday of $0.22 per diluted share, narrowing from a loss of $0.46 a year earlier. Analysts surveyed by FactSet expected a loss of $0.16. Cerebras shares fell past 17%.

Paychex (PAYX) on Wednesday issued a fiscal 2027 outlook that implies slower growth in both profit and revenue. Its shares dropped 2.4%.

Broadcom (AVGO) said Wednesday that it and OpenAI unveiled Jalapeno, OpenAI's first Intelligence Processor, an AI accelerator designed for large language model inference. Broadcom shares were fractionally higher.