Tech stocks were mixed late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.3% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 3.2%.

The Philadelphia Semiconductor index declined 3.6%.

In corporate news, Apple (AAPL) has reduced employee spending allowances for AI tools as part of a broader cost-cutting effort, Bloomberg reported. Apple shares were up 6.2%.