03:33 PM EDT, 07/22/2025 (MT Newswires) -- Tech stocks were lower late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 0.9% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.4%.

The Philadelphia Semiconductor index was sliding 1.5%.

In sector news, Tesla (TSLA) Chief Executive Elon Musk is working with Valor Equity Partners to raise up to $12 billion for xAI, The Wall Street Journal reported. The funds would be used for the acquisition of a large quantity of Nvidia ( NVDA ) chips, which xAI would then lease for a new data center that would help train and power xAI's chatbot Grok, the report said.

In corporate news, Dell (DELL) has put COO Jeff Clarke in charge of its Client Solutions Group, taking over from Sam Burd, Bloomberg reported, citing a memo sent to staff and confirmed by the company. The move was made amid slumping revenues for the unit, the report said. Dell shares were falling 3%.

Datadog ( DDOG ) is in talks to buy Israeli cybersecurity firm Upwind for $1 billion, which safeguards software systems in real-time within cloud applications, according to tech-focused website CTech. Datadog ( DDOG ) shares added 0.2%.

Nokia ( NOK ) shares fell 5.4% after it cut its 2025 comparable operating profit guidance to the range of 1.6 billion euros ($1.88 billion) to 2.1 billion euros from 1.9 billion euros to 2.4 billion euros, citing currency headwinds from the weaker dollar and tariffs.

Apple's ( AAPL ) recent changes to its App Store rules and fees are likely to receive a green light from EU antitrust regulators, Reuters reported. Apple ( AAPL ) shares added 0.9%.