03:55 PM EST, 11/20/2025 (MT Newswires) -- Tech stocks were lower late Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 2.8% and the SPDR S&P Semiconductor ETF (XSD) dropping 3.5%.

The Philadelphia Semiconductor index slumped 4.5%.

In corporate news, Dell (DELL) may face pressure on margins and earnings given increases in memory costs, BofA Securities said in a Q3 earnings preview. The firm cut Dell's price target to $160 from $170, while reiterating its buy rating. Dell shares fell 1.3%.

Marvell Technology ( MRVL ) plans to expand its India operations, aiming to grow its workforce by about 15% annually over the next three years and increase research spending, Reuters reported, citing an interview with the company's India head, Navin Bishnoi. Marvell ( MRVL ) shares were down 6.2%.

Nvidia ( NVDA ) shares were down 3.3% even after it reported fiscal Q3 results that surpassed Wall Street's estimates as it continued to benefit from rising demand for artificial intelligence.

Palo Alto Networks ( PANW ) lifted its full-year outlook after recording better-than-expected fiscal Q1 results, while the cybersecurity firm agreed to buy observability platform provider Chronosphere in a deal worth $3.35 billion to boost its AI offerings. Palo Alto shares fell 7%.