03:49 PM EDT, 06/24/2024 (MT Newswires) -- Tech stocks dropped in late Monday afternoon trading with the Technology Select Sector SPDR Fund (XLK) falling 2% and the SPDR S&P Semiconductor ETF (XSD) down 1.1%.

The Philadelphia Semiconductor index slumped 2.3%.

In corporate news, Amazon.com ( AMZN ) is working on an AI chatbot codenamed "Metis" to compete with ChatGPT, Business Insider reported, citing people familiar with the matter and an internal document. Amazon ( AMZN ) shares fell 1.4%.

Microsoft's ( MSFT ) $1.5 billion investment in artificial intelligence firm G42 is a "positive development" after the United Arab Emirates-based firm cut ties with China's Huawei, a White House official said, Reuters reported. Microsoft ( MSFT ) shares shed 0.4%.

Apple's ( AAPL ) steering rules in its App Store marketplace are in breach of the European Commission's new digital competition law, the regulator said while opening a second probe into contract terms for developers. Apple ( AAPL ) shares rose 0.4%.

Broadcom ( AVGO ) is working with ByteDance to develop an advanced AI processor to ensure a stable supply of high-end chips amid US-China tensions, according to media reports. Broadcom ( AVGO ) shares fell 2.9%.