02:05 PM EDT, 10/15/2024 (MT Newswires) -- Tech stocks were falling Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 1.9% and the SPDR S&P Semiconductor ETF (XSD) declining 2.2%.

The Philadelphia Semiconductor index slumped 5%.

In corporate news, ASML ( ASML ) shares tumbled past 17%. The company said in its fiscal Q3 results that it expects 2025 net sales of 30 billion euros ($32.75 billion) to 35 billion euros. Analysts polled by Capital IQ expect 35.77 billion euros.

Nvidia ( NVDA ) , AMD (AMD) and other companies may face country-specific caps on the export of advanced AI chips, as US government officials have discussed implementing such limits in the interest of national security, Bloomberg reported. Nvidia ( NVDA ) shares fell 4.4% and AMD slumped 5.1%.

Apple's ( AAPL ) new iPad mini, with the A17 Pro chip and Apple Intelligence, is expected to be available in 29 countries and regions, including the US, from Oct. 23. Apple ( AAPL ) shares rose 1.1%.