01:47 PM EDT, 04/12/2024 (MT Newswires) -- Tech stocks slumped Friday afternoon with the Technology Select Sector SPDR Fund (XLK) falling 1.7% and the SPDR S&P Semiconductor ETF (XSD) tumbling 3.5%.

The Philadelphia Semiconductor index dropped 3%.

In corporate news, Microsoft ( MSFT )-backed (MSFT) OpenAI Chief Executive Sam Altman hosted events this month in San Francisco, New York and London with hundreds of Fortune 500 company executives to demonstrate artificial-intelligence services for corporate use, Reuters reported. Microsoft ( MSFT ) shares fell 1.7%.

Video game maker Epic Games urged a California judge to require Alphabet's (GOOG) Google ( GOOG ) to make its Play Store more available to competitors who want to use the platform to distribute Android apps and billing services. Alphabet shares fell 1.2%.

NextPlat ( NXPL ) shares surged 27% after the company signed a business combination agreement with Progressive Care, its majority owned subsidiary.