01:07 PM EDT, 08/07/2025 (MT Newswires) -- Tech stocks were lower Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.1% and the SPDR S&P Semiconductor ETF (XSD) shedding 0.3%.

The Philadelphia Semiconductor index rose 1.3%.

In sector news, President Donald Trump said late Wednesday that he will impose a 100% tariff on imported semiconductor chips. Trump suggested a potential carveout from the upcoming semiconductor tariffs, saying companies could avoid the proposed import levy by committing to build manufacturing facilities in the US.

In corporate news, President Trump said Thursday on Truth Social that Intel ( INTC ) Chief Executive Lip-Bu Tan is "highly conflicted" and should resign immediately. Intel ( INTC ) shares fell 3.3%.