01:38 PM EDT, 10/30/2025 (MT Newswires) -- Tech stocks were lower Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.7% and the SPDR S&P Semiconductor ETF (XSD) down 0.2%.

The Philadelphia Semiconductor index shed 0.8%.

In corporate news, Meta (META) is ramping up spending on AI initiatives despite uncertain revenue prospects, sparking investor concerns as expenses and capital costs climb "significantly faster" than expected, Oppenheimer said in a note. It downgraded the stock to perform from outperform. Meta shares fell past 10%.

Microsoft ( MSFT ) shares dropped 2.7% following its quarterly results. Raymond James adjusted its price target on the company's shares to $600 from $630 while maintaining an outperform rating.

Core Scientific ( CORZ ) said Thursday it has terminated its merger agreement with CoreWeave ( CRWV ) because it did not receive the necessary votes from shareholders. Core Scientific ( CORZ ) shares rose 4%, and CoreWeave ( CRWV ) shed 3.8%.