03:56 PM EST, 12/27/2024 (MT Newswires) -- Tech stocks fell late Friday afternoon with the Technology Select Sector SPDR Fund (XLK) dropping 1.6% and the SPDR S&P Semiconductor ETF (XSD) declining 1.3%.

The Philadelphia Semiconductor index shed 1.2%.

In corporate news, VeriSign ( VRSN ) added 0.4% after Warren Buffett's Berkshire Hathaway (BRK.A, BRK.B) bought more shares of the company.

Microsoft ( MSFT )-backed (MSFT) OpenAI is looking at reorganizing itself to become a Delaware public benefit corporation to raise conventional capital while maintaining a nonprofit arm, according to an OpenAI blog post Thursday. Microsoft ( MSFT ) shares were falling nearly 2%.

Taiwan's Ministry of Science and Technology said that funding for semiconductors, AI and aerospace could drop by 20 billion Taiwanese dollars ($609.1 million) next year after opposition parties approved laws cutting economic and technology spending, Reuters reported. Shares of Micron (MU), Nvidia ( NVDA ) and Taiwan Semiconductor (TSM) fell 1.2%, 2.3% and 0.8% respectively.

Grid Dynamics ( GDYN ) shares jumped 8.2% ahead of its inclusion into the S&P SmallCap 600 index next week.