03:55 PM EDT, 04/04/2025 (MT Newswires) -- Tech stocks plunged late Friday afternoon with the Technology Select Sector SPDR Fund (XLK) falling 6.3% and the SPDR S&P Semiconductor ETF (XSD) tumbling 7.2%.

The Philadelphia Semiconductor index fell 7.5%.

In sector news, technology companies may be heading into "dark days" as President Donald Trump's new tariffs may reduce earnings by at least 15%, making trade negotiations a priority, Wedbush Securities said.

In corporate news, Meta (META) is planning to release its Llama 4 AI model in April but could postpone it further as the company refines the technology, The Information reported. Meta shares fell 3.7%.

Apple ( AAPL ) shares fell 6.9% and Tesla (TSLA) dropped10% following new tariffs on US goods announced by China, a major source of revenue for the companies.

Alphabet's (GOOG) Google ( GOOG ) and Amazon ( AMZN ) are seeking to weaken Microsoft's ( MSFT ) domination of government software contracts, Bloomberg reported. Alphabet shares fell 2.5%, Amazon ( AMZN ) dropped 2.9% and Microsoft ( MSFT ) shed 3.2%.