01:47 PM EST, 12/09/2024 (MT Newswires) -- Tech stocks were mixed Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.4% and the SPDR S&P Semiconductor ETF (XSD) rising 0.7%.

The Philadelphia Semiconductor index shed 0.3%.

In corporate news, China's State Administration for Market Regulation is investigating Nvidia ( NVDA ) on suspicion of anti-monopoly law breaches, Bloomberg reported. Nvidia ( NVDA ) shares fell 2%.

Advanced Micro Devices' ( AMD ) potential to gain market share is limited by higher competitive risks in artificial intelligence against Nvidia's ( NVDA ) "dominance" and increasing cloud preference for custom chips from Marvell Technology ( MRVL ) and Broadcom ( AVGO ) , BofA Securities said Monday. AMD shares tumbled 5%, Marvell ( MRVL ) dropped 5.4%, and Broadcom ( AVGO ) shed 1.4%.

Meta-owned (META) Instagram and Alphabet's (GOOG) YouTube ( GOOG ) have emerged as alternatives for American TikTok content creators, who have urged followers to subscribe to their Instagram and YouTube ( GOOG ) channels after a federal appeals court ruled that the Chinese-owned social media app could be banned if not sold to a US-based company by Jan. 19, Reuters reported over the weekend. Meta shares were down 1.7% and Alphabet added 0.7%.