03:21 PM EDT, 08/29/2025 (MT Newswires) -- Tech stocks were lower late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 1.5% and the SPDR S&P Semiconductor ETF (XSD) falling 2.6%.

The Philadelphia Semiconductor index slumped 3.2%.

In corporate news, Alibaba (BABA) has reportedly developed a new AI chip aimed at a broader range of inference tasks as Chinese cloud providers seek alternatives to constrained Nvidia ( NVDA ) supplies, the Wall Street Journal reported. Nvidia ( NVDA ) shares fell 3.3%.