02:01 PM EDT, 04/01/2025 (MT Newswires) -- Tech stocks were mixed Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 0.3% and the SPDR S&P Semiconductor ETF (XSD) easing 0.1%.

The Philadelphia Semiconductor index decreased 0.2%.

In sector news, microchip companies set to receive US grant money under the Biden presidency are in limbo after the Trump administration warned it may withhold funds unless the companies expand US operations, Bloomberg reported. Commerce Secretary Howard Lutnick is demanding that firms such as Taiwan Semiconductor Manufacturing ( TSM ) , Intel ( INTC ) , Micron Technology ( MU ) , GlobalFoundries ( GFS ) , and Texas Instruments ( TXN ) that won awards from the 2022 Chips and Science Act invest more in the US.

In corporate news, Alibaba ( BABA ) may release Qwen 3, an updated version of its flagship AI model, as soon as this month to compete with rivals DeepSeek and OpenAI, Bloomberg reported. Alibaba ( BABA ) shares were little changed.

Progress Software ( PRGS ) shares jumped past 10% after it reported higher fiscal Q1 non-GAAP earnings and revenue. The company also raised its fiscal year 2025 non-GAAP EPS forecast.

Meta (META) executives are pushing the Trump administration to respond aggressively against a EU fine and cease-and-desist order against the company, The Wall Street Journal reported. Meta shares rose 1.6%.