03:53 PM EST, 12/30/2024 (MT Newswires) -- Tech stocks were retreating late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.8% and the SPDR S&P Semiconductor ETF (XSD) falling 2.0%.

The Philadelphia Semiconductor index dropped 1.9%.

In corporate news, TikTok-owner ByteDance plans to spend up to $7 billion on Nvidia's ( NVDA ) advanced AI chips outside China in 2025, The Information reported. Separately, Nvidia ( NVDA ) completed its acquisition of AI software company Run:ai, according to a blog post from Run:ai. Nvidia ( NVDA ) shares rose 1%.

Archer Aviation ( ACHR ) shares sank 10%. The company said Friday that its shareholders approved increasing the number of authorized shares for issuance to 1.4 billion from 700 million. The shareholders also approved issuance of shares to Stellantis (STLA) under a share purchase agreement.

The UK's Competition and Markets Authority said Monday it's investigating IBM's ( IBM ) planned acquisition of HashiCorp ( HCP ) . IBM ( IBM ) shares shed 0.7%, and HashiCorp ( HCP ) was little changed.

MicroCloud Hologram ( HOLO ) shares surged 177% after the company said it has developed a fast adiabatic driving protocol for "coherent control of two heavy hole spin qubits in a double quantum dot system."