Tech stocks declined late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.5% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.3%.

The Philadelphia Semiconductor index shed 1.3%.

In corporate news, Apple (AAPL) is preparing to launch updated MacBook Air models with M4 chips in early 2025 following a series of new Mac releases coming next week, Bloomberg reported. Apple shares fell 2.3%.

Snap (SNAP) shares gained 1.5% after JMP Securities upgraded the company's stock to outperform from market perform, with a $17 price target.

Applied Digital (APLD) shares slumped 5.2%. The company filed a registration statement Wednesday for the resale of up to 2.96 million shares by a selling stockholder.

Enphase Energy (ENPH) shares tumbled 15% after the company reported a year-over-year decline in Q3 adjusted earnings and revenue.