01:46 PM EST, 11/06/2025 (MT Newswires) -- Tech stocks were lower Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 1.5% and the SPDR S&P Semiconductor ETF (XSD) falling 1.1%.

The Philadelphia Semiconductor index was down 1.5%.

In corporate news, Qualcomm ( QCOM ) shares dropped 2.8% after the company reported strong Q4 results. Still, growth could slow in fiscal Q2, BofA Securities said in a note Thursday. The results were partly driven by handset demand in China thanks to product launches and holiday timing, the note said, adding that some of the strength is cyclical and potentially short-lived.

CoreWeave ( CRWV ) and VAST Data have signed a $1.17 billion commercial agreement, VAST said Thursday. The expanded partnership will establish VAST's operating system as the main data foundation for CoreWeave's ( CRWV ) AI cloud, the company said. CoreWeave ( CRWV ) shares fell 5.9%.

SAP (SAP) is preparing to offer formal concessions to the European Commission to settle an antitrust probe and avoid a potential hefty fine, Reuters reported. SAP shares dropped 2.9%.

Snap (SNAP) shares jumped 12% after its Q3 loss unexpectedly narrowed year over year amid double-digit revenue growth, while the social media company announced a $400 million partnership with Perplexity to bring its AI-backed search engine directly into the Snapchat app.