01:48 PM EDT, 06/20/2024 (MT Newswires) -- Tech stocks were in the red Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 1.2% and the SPDR S&P Semiconductor ETF (XSD) dropping 2.4%.

The Philadelphia Semiconductor index was 2.9% lower.

In corporate news, Dell (DELL) and Super Micro Computer (SMCI) are providing servers to help xAI develop a supercomputer, Elon Musk said Wednesday on X. Dell shares were falling 2.4% and Super Micro Computer was down 1.3%.

Meta Platforms' ( META ) Instagram frequently recommends sexual videos to accounts for teenagers, The Wall Street Journal reported Thursday, citing separate tests conducted by the publication and Northeastern University computer science professor Laura Edelson. Meta shares were shedding 0.4%.

MicroStrategy ( MSTR ) shares dropped 2.7% after the firm said it acquired about 11,931 bitcoins for roughly $786 million in cash between April 27 and June 19 using proceeds from a notes offering and excess cash.