03:46 PM EDT, 07/16/2026 (MT Newswires) -- Tech stocks were lower late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.6% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 6.3%.

The Philadelphia Semiconductor index shed 4.7%.

In corporate news, Alphabet's (GOOGL) Google is months behind schedule on delivering its most powerful AI model -- Gemini 3.5 Pro -- due to its efforts to improve its capabilities, especially in coding, Bloomberg reported. Alphabet shares were down 4.4%.

Taiwan Semiconductor Manufacturing ( TSM ) shares fell 3.2% despite the company's Q2 earnings and revenue surpassing analysts' consensus estimates. The company earmarked an additional $100 billion to increase its chipmaking capacity in the US, Bloomberg reported, citing a US official.

Apple ( AAPL ) is readying a new iPad mini model with significant updates, including an OLED screen for the first time, Bloomberg reported. Apple ( AAPL ) shares rose 1.6%.

Meta Platforms' ( META ) independent Oversight Board said Thursday that AI models from leading developers, including Meta, OpenAI, Anthropic, Alphabet's Google and DeepSeek, are more likely to refuse politically critical requests involving governments with restrictive free speech laws. Meta shares were down 2.7%.