02:04 PM EDT, 05/29/2025 (MT Newswires) -- Tech stocks were lower Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) shedding 0.1% and the SPDR S&P Semiconductor ETF (XSD) down 0.2%.

The Philadelphia Semiconductor index added 1%.

In corporate news, Nvidia's ( NVDA ) shares popped 3% after it overnight reported higher fiscal Q1 non-GAAP earnings and revenue. BofA Securities raised its price target on the chipmaker to $180 from $160. Nvidia ( NVDA ) is "outgrowing" expectations and competition even in the middle of supply constraints, Morgan Stanley said in a report.

C3.ai ( AI ) shares surged 23% after it said Thursday the US Air Force increased its contract ceiling to $450 million, expanding the company's predictive maintenance program through October 2029.

Veeva Systems ( VEEV ) shares jumped 18% after the company reported fiscal Q1 earnings and revenue that topped consensus estimates.

Synopsys ( SNPS ) shares fell 2.3% after the company suspended its fiscal Q3 and fiscal year 2025 guidance.