03:55 PM EDT, 03/27/2025 (MT Newswires) -- Tech stocks fell late Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) shedding 0.5% and the SPDR S&P Semiconductor ETF (XSD) dropping 2.1%.

The Philadelphia Semiconductor index retreated 1.6%.

In corporate news, Advanced Micro Devices ( AMD ) shares fell 3.1% after Jefferies downgraded the stock to hold from buy and cut its price target to $120 from $135.

Luminar Technologies ( LAZR ) shares jumped 8.8% after the company announced a collaboration with Caterpillar (CAT) to integrate light detection and ranging technology into Caterpillar's autonomous machines.

Microsoft ( MSFT )-backed (MSFT) OpenAI is nearing a $40 billion funding round led by Japan's SoftBank, Bloomberg reported. Microsoft ( MSFT ) shares added 0.3%.

Kyndryl ( KD ) shares fell 6.1% after short-seller Gotham City Research alleged that the technology services company manipulates adjusted earnings before interest, taxes, depreciation and amortization and adjusted free cash flow. A Kyndryl ( KD ) spokesperson said the company's accounting and disclosures are correct and accurate.