01:49 PM EST, 11/04/2025 (MT Newswires) -- Tech stocks were falling Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 2.3% and the SPDR S&P Semiconductor ETF (XSD) dropping 3.9%.

The Philadelphia Semiconductor index declined 2.8%.

In corporate news, Palantir Technologies ( PLTR ) shares were falling 8% despite the company's market-beating Q3 results overnight. "Investors questioned lofty valuations in the technology sector after major Wall Street banks warned of a possible selloff and Palantir's ( PLTR ) subdued sales forecast dampened sentiment around artificial intelligence plays," a research note from D.A. Davidson said early Tuesday.

Nvidia ( NVDA ) may eventually be allowed to sell its high-end Blackwell chips to China, Treasury Secretary Scott Bessent said Tuesday in an interview with CNBC. Rapid innovation at Nvidia ( NVDA ) may push Blackwell chips down the performance stack, making them candidates for export, possibly within 12 to 24 months, Bessent said in the interview. Nvidia ( NVDA ) shares were down 3.3%.

Apple ( AAPL ) is working on a low-cost Mac laptop aimed at students and casual users to compete with Google (GOOG) Chromebooks and cheaper Microsoft (MSFT) Windows laptops, Bloomberg reported. Apple ( AAPL ) shares rose 0.6%.