Tech stocks were lower late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.3% and the State Street SPDR S&P Semiconductor ETF (XSD) decreasing 0.6%.

The Philadelphia Semiconductor Index dropped 2.4%.

In corporate news, Advanced Micro Devices-backed (AMD) South Korean AI startup Upstage is considering a pre-listing funding round as one of its capital-market options, Bloomberg reported, citing co-founder and Chief Technology Officer Hwalsuk Lee. The company closed a 560 billion won ($416 million) Series C financing this year, bringing its funding to date to 730 billion won, the report said. AMD shares were down 3%.