01:54 PM EDT, 04/10/2024 (MT Newswires) -- Tech stocks were in the red Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) down more than 1% and the SPDR S&P Semiconductor ETF (XSD) falling over 4%.

The Philadelphia Semiconductor index shed 1.8%.

In corporate news, Meta (META) introduced its next generation of chips designed for its AI workloads. Meta shares rose 0.4%.

Luminar ( LAZR ) faces increasing risk due to delayed model launches and the likely need to raise capital, BofA Securities said in a report. It downgraded the stock to underperform from neutral and cut its price target to $1.20 from $3.50. Luminar ( LAZR ) sank 8.6%.

Smart Global ( SGH ) shares plunged 21% following its fiscal Q2 results.