03:56 PM EDT, 05/05/2025 (MT Newswires) -- Tech stocks were lower late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.5% and the SPDR S&P Semiconductor ETF (XSD) shedding 0.8%.

The Philadelphia Semiconductor index decreased 0.7%.

In corporate news, Alphabet's (GOOG) Google ( GOOG ) has partnered with Range Media Partners to launch a film and TV production initiative called 100 Zeros, Business Insider reported. Alphabet shares were adding 0.3%.

Onsemi (ON) reported a year-over-year decline in Q1 non-GAAP earnings and revenue. Its shares tumbled 9%.

Apple ( AAPL ) plans to sell investment-grade bonds Monday for the first time in two years, Bloomberg reported. Apple ( AAPL ) shares retreated 3.2%.

US Representative Bill Foster is preparing to introduce legislation requiring tracking of the location of AI chips, such as those made by Nvidia ( NVDA ) , to help prevent their illegal export to China, Reuters reported. Nvidia ( NVDA ) shares were down 0.5%.