03:58 PM EST, 02/07/2025 (MT Newswires) -- Tech stocks fell in late Friday afternoon trading, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.9% and the SPDR S&P Semiconductor ETF (XSD) dropping 2.3%.

The Philadelphia Semiconductor index declined 1.5%.

In corporate news, SolarWinds ( SWI ) shares jumped past 22%. The company said it has agreed to be acquired by private equity firm Turn/River Capital in an all-cash deal worth about $4.4 billion.

Cloudflare ( NET ) shares gained 18% after it reported overnight higher Q4 non-GAAP earnings and revenue. Truist Securities raised its price target on the company to $175 from $140 while maintaining a buy rating.

Magnite ( MGNI ) is collaborating with Elon Musk's X to boost the social media platform's programmatic advertising sales, Business Insider reported. Magnite ( MGNI ) shares rose 9.5%.

Microsoft ( MSFT )-backed (MSFT) OpenAI is set to receive a $40 billion primary investment from SoftBank at a $260 billion pre-money valuation, CNBC's David Faber reported. Microsoft ( MSFT ) shares fell 1.4%.