02:12 PM EDT, 04/28/2026 (MT Newswires) -- Tech stocks fell Tuesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) dropping 1.8% and the State Street SPDR S&P Semiconductor ETF (XSD) slumping 4.5%.

The Philadelphia Semiconductor index shed 3.7%.

In corporate news, OpenAI recently missed its own targets for new users and revenue, the Wall Street Journal reported late Monday, citing people familiar with the matter. Tech bellwether Nvidia ( NVDA ) fell 2.2%, Broadcom ( AVGO ) dropped 4.7%, Advanced Micro Devices ( AMD ) shed 2.7%, Oracle (ORCL) lost 3.8%, and Intel ( INTC ) declined 1.7%.

Lam Research ( LRCX ) , Applied Materials ( AMAT ) and KLA (KLAC) were among the chip equipment companies believed to have received a letter last week from the US Department of Commerce ordering them to halt certain tool shipments to China's second-largest chipmaker Hua Hong, Reuters reported. Lam declined 3.5%, Applied Materials ( AMAT ) dropped 5.5%, and KLA shed 3.5%.

Spotify Technology ( SPOT ) reported stronger-than-expected Q1 profit, but its premium subscriber growth and outlook disappointed investors. The stock fell 13%.