01:40 PM EDT, 09/24/2025 (MT Newswires) -- Tech stocks were lower Wednesday 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 was shedding 0.2%.

In corporate news, Oracle (ORCL) launched an investment-grade bond sale worth $18 billion on Wednesday, the second biggest offering of this year, Bloomberg reported. Oracle shares dropped 3%.

Adobe's (ADBE) slowing digital media annual recurring revenue has fueled concern about the company's ability to prove generative AI as a net growth driver, Morgan Stanley said in a note. The firm downgraded Adobe to equal-weight from overweight and cut its price target to $450 from $520. Adobe shares fell 2.5%.

Alibaba ( BABA ) plans to increase its spending on AI development as it looks to become a "full-stack AI service provider," news outlets reported, citing Chief Executive Eddie Wu. Alibaba ( BABA ) shares jumped past 8%.