Tech stocks fell Wednesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) declining 0.8% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 2%.

The Philadelphia Semiconductor Index shed 2%.

In corporate news, Microsoft (MSFT) plans to invest more than $10 billion in capital and operating expenses on cloud and AI infrastructure across the Middle East by 2030. Microsoft shares rose 0.4%.