01:05 PM EDT, 10/30/2025 (MT Newswires) -- Tech stocks were lower Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.6% and the SPDR S&P Semiconductor ETF (XSD) down 0.3%.

The Philadelphia Semiconductor index shed 0.5%.

In corporate news, Meta (META) is ramping up spending on AI initiatives despite uncertain revenue prospects, sparking investor concerns as expenses and capital costs climb "significantly faster" than expected, Oppenheimer said in a note. It downgraded the stock to perform from outperform. Meta shares fell past 10%.