03:51 PM EDT, 06/11/2025 (MT Newswires) -- Tech stocks declined late Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) dropping 0.3% and the SPDR S&P Semiconductor ETF (XSD) decreasing 0.7%.

The Philadelphia Semiconductor index shed 0.5%.

In corporate news, Meta (META) is recruiting engineers from rival tech companies, including Alphabet's (GOOG) Google, to form a team to develop artificial general intelligence, Bloomberg reported. Separately, Meta and TikTok challenged an EU supervisory fee in the bloc's second-highest court, arguing the levy is disproportionate and based on flawed methodology, Reuters reported. Meta shares fell 1.4%.

Voyager Technologies ( VOYG ) shares surged 83% in their debut on the New York Stock Exchange after its IPO of 12.3 million class A shares priced at $31 apiece.

Snap (SNAP) is expected to report higher revenue for 2025 than estimated, despite continued near-term uncertainty, Oppenheimer said. Snap shares added 1%.

SailPoint ( SAIL ) shares jumped 15%. The company raised its full-year outlook after fiscal Q1 revenue topped Wall Street's expectations.