01:58 PM EDT, 06/20/2025 (MT Newswires) -- Tech stocks were lower Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.6% and the SPDR S&P Semiconductor ETF (XSD) decreasing 1.1%.

The Philadelphia Semiconductor index was shedding 1%.

In sector news, a US official has told major global chipmakers that he wanted to revoke waivers that allow them to ship US chip-making equipment to their factories in China without individual licenses, The Wall Street Journal reported Friday.

In corporate news, Reddit ( RDDT ) is considering implementing World ID, a system that verifies users on its platform are real individuals while still providing anonymity, Semafor reported. Reddit ( RDDT ) shares were down 1.3%.

Couchbase ( BASE ) shares jumped past 29% after the company said Friday it has agreed to be acquired by Haveli Investments in an all-cash deal valued at about $1.5 billion.

Meta (META) held talks with Perplexity AI about a possible takeover before making a multibillion-dollar investment in Scale AI, Bloomberg reported. Meta shares were down 1.6%.