03:43 PM EDT, 03/26/2025 (MT Newswires) -- Tech stocks were in the red late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 2.4% and the SPDR S&P Semiconductor ETF (XSD) slumping 3.3%.

The Philadelphia Semiconductor index fell 3.6%.

In corporate news, Microsoft ( MSFT )-backed (MSFT) OpenAI anticipates more than tripling its revenue this year to $12.7 billion from $3.7 billion in 2024, Bloomberg reported. Microsoft ( MSFT ) shares were shedding 1.4%.

Nvidia ( NVDA ) is moving closer to a deal to buy Lepton AI, a startup that rents out servers powered by Nvidia's ( NVDA ) AI chips, The Information reported. Nvidia ( NVDA ) shares were down 6%.

Meta (META), Microsoft's ( MSFT ) LinkedIn and Elon Musk's X received value-added tax demands from the Italian government, Reuters reported. Meta shares were falling 2.8%.

Trimble (TRMB) shares declined 2.2% after it said Wednesday it received a deficiency notification from Nasdaq stating that it's not in compliance with a listing rule due to a failure to timely file its annual report on Form 10-K for the period ended Jan. 3 with the Securities and Exchange Commission.