01:59 PM EDT, 09/27/2024 (MT Newswires) -- Tech stocks were lower Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 0.9% and the SPDR S&P Semiconductor ETF (XSD) down 0.4%.

The Philadelphia Semiconductor index dropped 1.7%.

In corporate news, Arm (ARM) approached Intel ( INTC ) about buying its struggling product division, but Intel ( INTC ) stated it's not for sale, Bloomberg reported. Separately, Intel ( INTC ) and the US government are on track to finalize their $8.5 billion funding agreement before the end of the year, the Financial Times reported. Intel ( INTC ) shares were flat while Arm was down 2%.

Microsoft ( MSFT )-backed (MSFT) OpenAI Chief Executive Sam Altman told an all-hands meeting that recent media reports suggesting he will receive a large "equity stake" in the artificial intelligence company are "just not true," CNBC reported late Thursday. Microsoft ( MSFT ) shares were shedding 0.3%.

BlackBerry (BB) improved its full-year bottom-line outlook late Thursday as the company unexpectedly broke even in its fiscal second quarter and reported higher revenue year over year. Its shares were falling 5.7%.