01:53 PM EDT, 05/21/2025 (MT Newswires) -- Tech stocks were weaker Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 1.0% and the SPDR S&P Semiconductor ETF (XSD) falling 2.0%.

The Philadelphia Semiconductor index lost 0.8%.

In corporate news, Google ( GOOG ) is rolling out an "AI Mode," which answers queries in a chatbot-style conversation, Alphabet Chief Executive Sundar Pichai said at a developers conference Tuesday. The option is being added as a tab within search and initially for US users. Alphabet shares climbed 3.5%.

Keysight Technologies ( KEYS ) lifted its full-year growth expectations and reported better-than-expected fiscal Q2 results. Its shares rose 3%.

Nvidia ( NVDA ) Chief Executive Jensen Huang said Wednesday that US export restrictions on AI chips to China have been a "failure," according to media reports. Huang said the controls have prompted Chinese companies to start buying from domestic chipmakers, including Huawei, the reports said. Nvidia ( NVDA ) shares were down 0.8%.

Wolfspeed ( WOLF ) is preparing to file for bankruptcy in the coming weeks after rejecting creditor-led proposals to restructure its debt, which totals $6.5 billion, The Wall Street Journal reported Tuesday. Wolfspeed ( WOLF ) shares tumbled 61%.