03:28 PM EDT, 07/23/2026 (MT Newswires) -- Tech stocks were lower late Thursday 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 2.4%.

The Philadelphia Semiconductor index was down 1.6%.

In corporate news, Alphabet's (GOOGL) Q2 revenue beat Wall Street's estimates amid demand for AI infrastructure, but its capital expenditure doubled year over year. Its shares fell 7%.

STMicroelectronics ( STM ) shares tumbled past 18% after its Q3 revenue outlook fell short of analysts' consensus.

Intel ( INTC ) and Advanced Micro Devices ( AMD ) are signing longer-term contracts to sell data center processors, or chips, to China-based server customers, Reuters reported. Intel ( INTC ) shares were down 2.4%, and AMD fell 2.8%.

Amazon.com ( AMZN )-backed (AMZN) Anthropic is considering requiring all employees to sell any shares through 10b5-1 stock plans, The Information reported. Because 10b5-1 stock plans require the sale of shares on preset schedules, they are intended to protect against insider trading accusations. However, they're typically only for top-level executives. Amazon ( AMZN ) shares were down 4.6%.