01:40 PM EST, 11/20/2025 (MT Newswires) -- Tech stocks were lower Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) declining 2% and the SPDR S&P Semiconductor ETF (XSD) falling 0.8%.

The Philadelphia Semiconductor index dropped 2.5%.

In corporate news, Nvidia ( NVDA ) shares were down 1.4% even after the company reported fiscal Q3 results that surpassed Wall Street's estimates as it continued to benefit from rising demand for artificial intelligence.

Palo Alto Networks ( PANW ) lifted its full-year outlook after recording better-than-expected fiscal Q1 results, while the cybersecurity firm agreed to buy observability platform provider Chronosphere in a deal worth $3.35 billion to boost its AI offerings. Palo Alto shares fell 6.9%.

SoftBank plans to invest as much as $3 billion to transform an electric-vehicle plant in Ohio that will make equipment for Microsoft ( MSFT )-backed (MSFT) OpenAI's upcoming data centers, The Information reported. Microsoft ( MSFT ) shares were shedding 0.8%.