03:23 PM EDT, 07/15/2026 (MT Newswires) -- Tech stocks were lower late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 2.6%.

The Philadelphia Semiconductor index shed 3%.

In corporate news, Palantir ( PLTR ) Chief Technology Officer Shyam Sankar said China's latest AI models have been developed partly through the unauthorized use of technology created by AI companies in the US, Bloomberg reported Wednesday, citing his interview. He added that these Chinese open-source AI models are largely the result of "distillation attacks," the report said, adding that the technique refers to when developers use results from existing AI systems to train new models with similar capabilities at a lower cost. Palantir ( PLTR ) shares were down 0.2%.