03:43 PM EDT, 09/02/2025 (MT Newswires) -- Tech stocks retreated late Tuesday afternoon with the Technology Select Sector SPDR Fund (XLK) falling 1.4% and the SPDR S&P Semiconductor ETF (XSD) dropping 2%.

The Philadelphia Semiconductor index declined 1.6%.

In sector news, Anthropic, which is backed by Amazon.com (AMZN) and Alphabet's (GOOG) Google ( GOOG ), completed a series F fundraising round of $13 billion that brings its total post-money valuation to $183 billion.

In corporate news, the EU paused its plan to fine Alphabet's (GOOG) Google ( GOOG ) for allegedly abusing its dominant position in advertising technology due to fears that President Donald Trump will retaliate by derailing the bloc's trade deal with the US, Bloomberg reported. Alphabet shares fell 0.9%.

The US General Services Administration said Microsoft ( MSFT ) will provide discounts for its suite of cloud services that may provide $3.1 billion in savings in year one. Microsoft ( MSFT ) shares shed 0.5%.

Nvidia ( NVDA ) shares fell 1.9% amid reports that Alibaba ( BABA ) is developing its own integrated circuits to replace Nvidia's ( NVDA ) H20 chip. Alibaba ( BABA ) stock gained 2.5%.

Taiwan Semiconductor Manufacturing's ( TSM ) waiver to ship essential inputs freely to its main Chinese chipmaking facility has been pulled by the US, Bloomberg reported, citing a company statement. TSM shares dropped 1.1%.