03:57 PM EDT, 08/15/2025 (MT Newswires) -- Tech stocks retreated late Friday afternoon with the Technology Select Sector SPDR Fund (XLK) declining 0.7% and the SPDR S&P Semiconductor ETF (XSD) falling 1.2%.

The Philadelphia Semiconductor index dropped 2.1%.

In sector news, President Donald Trump said Friday he will set tariffs on semiconductors in the next two weeks, and they may be as high as 300%, Bloomberg reported.

In corporate news, Globant ( GLOB ) shares fell 15% after JPMorgan downgraded the stock to neutral from buy, a day after the company reported Q2 results.

Hesai ( HSAI ) shares jumped 8.8% after the company reported a profit in Q2 and a new lidar system design win from Toyota Motor (TM).

Applied Materials ( AMAT ) shares fell 14%, a day after fiscal Q4 guidance trailed Wall Street's estimates.

Intel ( INTC ) shares rose 3% after Bloomberg reported that the Trump administration is considering taking a stake in the company with funds from the US Chips Act.

Roblox ( RBLX ) is being sued by the state of Louisiana for allegedly failing to enforce safety controls to protect children and for allegedly facilitating the "distribution of child sexual material," Louisiana Attorney General Liz Murrill said. Roblox ( RBLX ) shares dropped 6.5%.