01:54 PM EST, 01/07/2025 (MT Newswires) -- Tech stocks were falling Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 1.2% and the SPDR S&P Semiconductor ETF (XSD) down 0.2%.

The Philadelphia Semiconductor index shed 0.6%.

In sector news, President-elect Donald Trump outlined a $20 billion foreign investment to build new data centers in the US, CNBC reported. DAMAC Properties founder Hussain Sajwani is pledging "at least" that amount, Trump said, according to CNBC.

In corporate news, Meta (META) named three new directors, including John Elkann, chief executive of European investment firm Exor and chairman of Ferrari (RACE) and Stellantis (STLA). Separately, Meta said it will end its fact-checking program in the US and replace it with a Community Notes model. Meta shares were down 1.6%.

Apple ( AAPL ) executives held talks with Indonesia's industry minister to discuss a potential investment required to lift the country's ban on iPhone 16 sales, Reuters reported. Apple ( AAPL ) shares were falling 1.1%.

Pure Storage ( PSTG ) shares were down 1.2%. The company said it's expanding its collaboration with Micron Technology ( MU ) to provide products for hyperscale data centers. Micron shares were rising 4.2%.