03:48 PM EDT, 08/01/2025 (MT Newswires) -- Tech stocks dropped late Friday afternoon with the Technology Select Sector SPDR Fund (XLK) falling 2.1% and the SPDR S&P Semiconductor ETF (XSD) losing 1.4%.

The Philadelphia Semiconductor index shed 1.5%.

In corporate news, NetEase ( NTES ) shares fell 2.3% after Arete downgraded the stock to sell from neutral and cut its price target to $114 from $130.

Workiva ( WK ) shares surged 31% after the company reported stronger-than-expected Q2 results and raised full-year guidance.

Nvidia ( NVDA ) was urged by a Chinese state-controlled media outlet to present "convincing security proofs" in order to eliminate Chinese user concerns related to alleged security risks in its chips, Reuters reported, citing a commentary published by the People's Daily. Nvidia ( NVDA ) shares shed 2.2%.

Alphabet's (GOOG) independent growth fund CapitalG and Nvidia ( NVDA ) are in talks to invest in Vast Data as part of a funding round that may value the company at up to $30 billion, Reuters reported. Alphabet shares declined 1.5%.