Tech stocks were lower Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.6% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 1.9%.

The Philadelphia Semiconductor index slumped 4%.

In corporate news, Nvidia (NVDA) has agreed to expand its partnership with South Korean conglomerate SK Group with a more than $500 billion AI infrastructure initiative. Nvidia shares were down 4.8%.