03:26 PM EDT, 05/23/2024 (MT Newswires) -- Tech stocks were slipping late Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) faling 1% and the SPDR S&P Semiconductor ETF (XSD) dropping 2.7%.

The Philadelphia Semiconductor index was shedding 0.6%.

In corporate news, Alphabet (GOOG) and Meta Platforms ( META ) have held talks with big Hollywood studios about licensing content to use in the companies' artificial intelligence video generation software, Bloomberg reported Thursday. Alphabet shares were falling 1.7% and Meta was down 0.9%.