03:43 PM EDT, 10/22/2025 (MT Newswires) -- Tech stocks fell late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 1.2% and the SPDR S&P Semiconductor ETF (XSD) slumping 4.2%.

The Philadelphia Semiconductor index shed 2.8%.

In sector news, President Donald Trump is weighing a plan to restrict an array of exports to China that contain US-made software, Reuters reported, citing a US official and three people briefed by US authorities.

In corporate news, Reddit ( RDDT ) has filed a lawsuit in federal court against four companies for allegedly stealing data by scraping Google ( GOOG ) search results that showed Reddit ( RDDT ) content, The New York Times reported Wednesday. Reddit ( RDDT ) shares dropped 4.4%.

Texas Instruments ( TXN ) shares fell 6%. Morgan Stanley said the company's mixed Q3 results on Tuesday included surprise fiscal Q4 EPS guidance that trailed forecasts by analysts, and a revenue outlook that fell short at the midpoint of both its own and Wall Street's estimates.

Apple ( AAPL ) is slashing iPhone Air production orders and boosting output for other iPhone 17 models, Nikkei Asia reported. The adjustment reflects weak demand for the iPhone Air outside China and stronger-than-expected interest in the iPhone 17 and iPhone 17 Pro models, the report said. Apple ( AAPL ) shares shed 2%.

Alphabet's (GOOG) Google ( GOOG ) and Anthropic are in talks on a deal that would provide the Amazon.com ( AMZN )-backed (AMZN) AI company with more computing power valued in the "high tens of billions of dollars," Bloomberg reported Tuesday. Alphabet shares were up 0.4%, and Amazon ( AMZN ) fell 1.7%.