04:00 PM EDT, 08/05/2024 (MT Newswires) -- Tech stocks were sharply lower in late Monday afternoon trading, with the Technology Select Sector SPDR Fund (XLK) dropping 3.5% and the SPDR S&P Semiconductor ETF (XSD) falling 3.4%.

The Philadelphia Semiconductor index fell 2.4%.

In corporate news, Dell (DELL) is cutting an unspecified number of jobs as it undertakes a reorganization of its sales teams that includes a new unit focused on artificial intelligence products and services, Bloomberg reported. Dell shares slumped 4.9%.

Thoughtworks (TWKS) shares surged nearly 27% after it agreed to be taken private by an affiliate of funds advised by majority shareholder Apax Partners in a $1.75 billion deal.

Wix.com (WIX) shares rose 1.2% after the company said it has expanded its partnership with Alphabet's (GOOG) Google to offer its users Google's Gemini for Workspace.

Tesla (TSLA) Chief Executive Elon Musk has filed a lawsuit against Microsoft-backed (MSFT) OpenAI, OpenAI's Co-Founder Gregory Brockman and OpenAI's Chief Executive Sam Altman, accusing them of prioritizing profits over public welfare, according to a court filing Monday. Tesla shares were falling 4.4%, and Microsoft was slumping 3.4%.