01:22 PM EDT, 08/29/2025 (MT Newswires) -- Tech stocks were lower Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 1.5% and the SPDR S&P Semiconductor ETF (XSD) falling 1.8%.

The Philadelphia Semiconductor index slumped 2.8%.

In corporate news, Marvell Technology ( MRVL ) shares fell past 17% after the semiconductor company issued fiscal Q3 revenue outlook below market estimates at the midpoint and reported Q2 results in line with expectations.

Meta's (META) AI unit is seeing some recent hires exit after brief tenures while long-standing employees also announced they are leaving the company, news outlets reported Friday. Meta shares were shedding 1.8%.

Autodesk ( ADSK ) shares jumped 7.5% after it posted higher fiscal Q2 non-GAAP net income and revenue, and raised its fiscal 2026 outlook.