Technology stocks fell pre-bell Wednesday with the Technology Select Sector SPDR Fund (XLK) down 2.3% and the SPDR S&P Semiconductor ETF (XSD) 1.5% lower recently.

NVIDIA (NVDA) and Advanced Micro Devices (AMD) will face new restrictions on the export of advanced microchips used for artificial intelligence applications to China, a US Commerce Department spokesperson said, according to Reuters. NVIDIA and Advanced Micro Devices shares were over 6% lower premarket.

Kingsoft Cloud Holdings (KC) shares were down 10% after the company said it has started an underwritten public offering of 18.5 million American depositary shares, each representing 15 ordinary shares.

ASML Holding (ASML) shares were down over 3% after the company's fiscal Q1 net revenue and guidance for Q2 net sales missed analysts' expectations.