01:40 PM EST, 11/25/2025 (MT Newswires) -- Tech stocks were lower Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) easing 0.1% and the SPDR S&P Semiconductor ETF (XSD) shedding 0.6%.

The Philadelphia Semiconductor index fell 0.8%.

In sector news, Elon Musk's AI startup xAI is expected to close a $15 billion fundraising round next month at a pre-money valuation of $230 billion, CNBC reported.

In corporate news, Nvidia ( NVDA ) shares dropped 3.5% after The Information reported Meta (META) is considering using AI chips designed by Alphabet's (GOOG, GOOGL) Google ( GOOG ). Meta shares rose 2.9%, and Alphabet Class C and A shares added 1.5% and 1.3%, respectively.

Alibaba ( BABA ) reported better-than-expected fiscal Q2 revenue on Tuesday, driven by growth in its cloud business, though its earnings fell year over year. Its shares were down 1.7%.

Zoom Communications ( ZM ) shares jumped past 15%. The company delivered fiscal Q3 results with solid beats on the top and bottom lines as it is seeing elevated demand for its AI products, Wedbush Securities said in a note Tuesday.