Tech stocks dropped late Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) decreasing 0.3% and the SPDR S&P Semiconductor ETF (XSD) retreating 0.5%.

The Philadelphia Semiconductor Index declined 1%.

In corporate news, Alphabet's (GOOG) Google is facing calls from privacy-focused internet search engine DuckDuckGo for new probes into whether the tech giant was complying with the EU's rules. Google shares fell 1.5%.

Quantum Computing (QUBT) shares soared 45%. The company said Wednesday that it received its second purchase order from the University of Texas at Austin for its thin-film lithium niobate photonic chip foundry.

Palladyne AI (PDYN) and Red Cat (RCAT) said they were expanding partnership on self-flying drones to include joint go-to-market activities. Palladyne shares jumped nearly 12% and Red Cat surged 36%.

Keysight Technologies (KEYS) shares popped past nearly 8% after the company issued an upbeat fiscal Q1 outlook and reported better-than-expected results for the preceding three-month period.