01:52 PM EST, 03/03/2025 (MT Newswires) -- Tech stocks were in the red Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.5% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.4%.

The Philadelphia Semiconductor index retreated 2%.

In corporate news, Taiwan Semiconductor Manufacturing ( TSM ) plans to invest $100 billion in US-based chip manufacturing plants over the next four years under a plan expected to be announced by President Donald Trump on Monday, The Wall Street Journal reported. Taiwan Semiconductor shares were down 3.9%.

Allegro MicroSystems ( ALGM ) shares jumped past 17% after Bloomberg reported Sunday ON Semiconductor (ON) is working on a potential acquisition of Allegro. ON was down 2.2%.

Nvidia ( NVDA ) and Broadcom ( AVGO ) are conducting manufacturing tests with Intel ( INTC ) , Reuters reported. The two tests, using Intel's ( INTC ) 18A manufacturing process, suggest that the companies are evaluating whether to commit to large-scale manufacturing contracts with Intel ( INTC ), the report said. Intel ( INTC ) shares added 1.3%.