Tech stocks were lower late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 3.2% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 5.4%.
The Philadelphia Semiconductor index was down 4.3%.
In corporate news, CoreWeave (CRWV) Chief Executive Mike Intrator said that a plunge in the company's stock and bond prices is due to the market acting "irrationally," Bloomberg reported Wednesday, citing a memo it saw. The company's deal backlog is large enough to more than support its debt obligations, Intrator reportedly said in the memo. CoreWeave shares were falling 15%.
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