01:47 PM EDT, 03/26/2025 (MT Newswires) -- Tech stocks were in the red Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 2.3% and the SPDR S&P Semiconductor ETF (XSD) slumping 3.6%.

The Philadelphia Semiconductor index fell 3.8%.

In corporate news, Meta (META), Microsoft's ( MSFT ) LinkedIn and Elon Musk's X received value-added tax demands from the Italian government, Reuters reported. Meta shares were falling 2.1%, and Microsoft ( MSFT ) was down 1.1%.

Trimble (TRMB) shares fell 2.2% after it said Wednesday it has received a deficiency notification from Nasdaq stating that it's not in compliance with a listing rule due to a failure to timely file its annual report on Form 10-K for the period ended Jan. 3 with the Securities and Exchange Commission.

Wipro ( WIT ) said Wednesday that it has won a 500 million British pounds ($645 million) 10-year deal with Phoenix Group, a savings and retirement business in the UK. Wipro ( WIT ) shares were down 0.6%.