03:52 PM EDT, 07/09/2024 (MT Newswires) -- Tech stocks were in the red late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) declining 0.3% and the SPDR S&P Semiconductor ETF (XSD) down 0.5%.

The Philadelphia Semiconductor index shed 0.3%.

In corporate news, Meta Platforms ( META ) said Tuesday it will remove content using the term "Zionist" as a proxy for Jewish or Israeli people in hate speech. Its shares added 0.3%.

Oracle (ORCL) and Elon Musk's xAI ended talks to expand an agreement under which xAI rents Nvidia (NVDA) AI chips from Oracle, the Information reported. Oracle shares dropped 2.9%.

UiPath ( PATH ) shares sank 6.4% after the company said it will cut 10% of its global workforce of 4,200 as part of a restructuring plan to manage operating expenses.

Applied Digital ( APLD ) shares tumbled 23% after the company signed agreements with B. Riley Securities, BTIG, Lake Street Capital Markets, Northland Securities, and Roth Capital Partners to sell up to $125 million in shares from time to time.