Tech stocks were weaker Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 1.0% and the SPDR S&P Semiconductor ETF (XSD) falling 2.0%.

The Philadelphia Semiconductor index lost 0.8%.

In corporate news, Google is rolling out an "AI Mode," which answers queries in a chatbot-style conversation, Alphabet Chief Executive Sundar Pichai said at a developers conference Tuesday. The option is being added as a tab within search and initially for US users. Alphabet shares climbed 3.5%.

Keysight Technologies (KEYS) lifted its full-year growth expectations and reported better-than-expected fiscal Q2 results. Its shares rose 3%.

Nvidia (NVDA) Chief Executive Jensen Huang said Wednesday that US export restrictions on AI chips to China have been a "failure," according to media reports. Huang said the controls have prompted Chinese companies to start buying from domestic chipmakers, including Huawei, the reports said. Nvidia shares were down 0.8%.

Wolfspeed (WOLF) is preparing to file for bankruptcy in the coming weeks after rejecting creditor-led proposals to restructure its debt, which totals $6.5 billion, The Wall Street Journal reported Tuesday. Wolfspeed shares tumbled 61%.