03:31 PM EDT, 05/23/2025 (MT Newswires) -- Tech stocks were in the red late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.1% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.4%.

The Philadelphia Semiconductor index retreated 1.5%.

In corporate news, Oracle (ORCL) is buying about $40 billion worth of Nvidia's ( NVDA ) high-performance chips for Microsoft ( MSFT )-backed (MSFT) OpenAI's new data center in Abilene, Texas, the Financial Times reported. Oracle shares were down 0.4%, Nvidia ( NVDA ) fell 1% and Microsoft ( MSFT ) shed 0.7%.