01:31 PM EDT, 04/10/2024 (MT Newswires) -- Tech stocks were falling Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) slumping more than 1% and the SPDR S&P Semiconductor ETF (XSD) tumbling nearly 4%.

The Philadelphia Semiconductor index dropped 1.8%.

In corporate news, Meta (META) on Wednesday introduced its next generation of chips designed for its AI workloads, the company announced on its website. Meta shares climbed 1%.