03:27 PM EDT, 03/26/2025 (MT Newswires) -- Tech stocks were in the red late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 2.4% and the SPDR S&P Semiconductor ETF (XSD) slumping 3.3%.

The Philadelphia Semiconductor index fell 3.6%.

In corporate news, Microsoft ( MSFT )-backed (MSFT) OpenAI anticipates more than tripling its revenue this year to $12.7 billion from $3.7 billion in 2024, Bloomberg reported. Microsoft ( MSFT ) shares were shedding 1.5%.