01:54 PM EDT, 06/13/2025 (MT Newswires) -- Tech stocks were lower Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.9% and the SPDR S&P Semiconductor ETF (XSD) falling 2%.

The Philadelphia Semiconductor index was shedding 1.7%.

In corporate news, Meta Platforms ( META ) has made a "significant" investment in Scale AI that values the company at more than $29 billion and expands their commercial partnership, Scale AI said late Thursday. Meta shares were down 0.4%.

Microsoft ( MSFT )-backed (MSFT) OpenAI will continue to work with Scale AI after Meta agreed to invest billions of dollars in the startup, Bloomberg reported Friday, citing OpenAI Chief Financial Officer Sarah Friar. Microsoft ( MSFT ) shares were shedding 0.7%.

Apple's ( AAPL ) iPhone sales in May captured the top spot in China, while global sales increased 15% on a yearly basis during April and May, Reuters reported Friday citing data from Counterpoint Research. Apple ( AAPL ) shares were down 0.9%.