03:48 PM EDT, 10/15/2024 (MT Newswires) -- Tech stocks were falling late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 2.3% and the SPDR S&P Semiconductor ETF (XSD) sliding 3.2%.

The Philadelphia Semiconductor index slumped 5.5%.

In corporate news, Ericsson (ERIC) shares jumped nearly 13% after the company's Q3 earnings and revenue beat analysts' estimates.

ASML ( ASML ) shares tumbled past 16% after the company's fiscal 2025 sales outlook fell short of Wall Street's estimates.

Nvidia ( NVDA ) , AMD (AMD) and other companies may face country-specific caps on the export of advanced AI chips, as US government officials have discussed implementing such limits in the interest of national security, Bloomberg reported. Nvidia ( NVDA ) shares fell 5% and AMD slumped 5.5%.

Apple's ( AAPL ) new iPad mini, with the A17 Pro chip and Apple Intelligence, is expected to be available in 29 countries and regions, including the US, from Oct. 23. Apple ( AAPL ) shares rose 1%.