01:44 PM EDT, 08/01/2025 (MT Newswires) -- Tech stocks dropped Friday afternoon with the Technology Select Sector SPDR Fund (XLK) falling 2.4% and the SPDR S&P Semiconductor ETF (XSD) losing 2%.

The Philadelphia Semiconductor index shed 1.9%.

In corporate news, Nvidia ( NVDA ) was urged by a Chinese state-controlled media outlet to present "convincing security proofs" in order to eliminate Chinese user concerns related to alleged security risks in its chips, Reuters reported, citing a commentary published by the People's Daily. Nvidia ( NVDA ) shares fell 2.7%.

Alphabet's (GOOG) independent growth fund CapitalG and Nvidia ( NVDA ) are in talks to invest in Vast Data as part of a funding round that may value the company at up to $30 billion, Reuters reported. Alphabet shares declined 1.6%.

Apple ( AAPL ) reported better-than-expected fiscal Q3 results, boosted by double-digit sales growth for iPhones, Macs and services. The shares still dropped 2.7%.