Tech stocks were lower late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.1% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 4.1%.
The Philadelphia Semiconductor index shed 3.8%.
In corporate news, Nvidia-backed (NVDA) Firmus Grid is poised to delay its initial public offering amid slack investor demand, Bloomberg reported. The Australian data center company had been looking to raise as much as $5.5 billion including an over-allotment option, indicating a $30.4 billion valuation, and may consider a private funding round instead, the report said. Nvidia shares were down 3%.