01:14 PM EDT, 09/24/2025 (MT Newswires) -- Tech stocks were lower Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.9% and the SPDR S&P Semiconductor ETF (XSD) down 0.4%.

The Philadelphia Semiconductor index was shedding 0.6%.

In corporate news, Adobe's (ADBE) slowing digital media annual recurring revenue has fueled concern about the company's ability to prove generative AI as a net growth driver, Morgan Stanley said in a note. The firm downgraded Adobe to equal-weight from overweight and cut its price target to $450 from $520. Adobe shares were down 3.1%.