Tech stocks were mixed late Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) falling 0.9% and the SPDR S&P Semiconductor ETF (XSD) adding 0.6%.

The Philadelphia Semiconductor index increased 0.1%.

In sector news, Chinese startup DeepSeek's AI chatbot isn't revolutionary enough to upend the western AI industry as the total addressable market for AI compute is still expected to double in the long term, BofA Securities said.

In corporate news, officials in the Trump administration are considering additional curbs on the sale of Nvidia (NVDA) chips to China, Bloomberg reported. Nvidia shares fell 5.1%.

Manhattan Associates (MANH) shares tumbled 25% as 2025 earnings and revenue guidance trailed estimates by analysts after Q4 results topped expectations.

Globalstar (GSAT) and AST SpaceMobile (ASTS) shares tumbled following reports about connectivity support from Apple (AAPL) and T-Mobile US (TMUS) for SpaceX's Starlink satellite internet network. Globalstar fell 18%, and AST dropped 12%.

Microsoft-backed (MSFT) OpenAI said it has evidence that Chinese AI startup DeepSeek used the San Francisco-based company's AI models to train its offering in a possible infringement of OpenAI's intellectual property, the Financial Times reported. Microsoft shares fell 1.1%.