01:49 PM EST, 02/27/2025 (MT Newswires) -- Tech stocks declined Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) decreasing 1% and the SPDR S&P Semiconductor ETF (XSD) dropping 2.9%.

The Philadelphia Semiconductor index fell 2.3%.

In corporate news, Nvidia ( NVDA ) shares dropped 3.6%. The company's fiscal Q4 results on Wednesday had "the smallest revenue beat in two years" and were "underwhelming for investors used to much bigger upside surprises," Deutsche Bank said in a note.

Microsoft ( MSFT ) called on the Trump administration to overhaul AI chip export control rules proposed under the previous administration. Microsoft ( MSFT ) shares fell 0.4%.

Salesforce ( CRM ) shares fell 1.3%, a day after the company reported fiscal Q4 revenue that trailed estimates by analysts.