03:48 PM EDT, 06/20/2024 (MT Newswires) -- Tech stocks fell late Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 1.1% and the SPDR S&P Semiconductor ETF (XSD) dropping 2.4%.

The Philadelphia Semiconductor index slumped 2.6%.

In corporate news, Oracle (ORCL) plans to invest over $1 billion in a third cloud region in Madrid to leverage distributed cloud capabilities and artificial intelligence across Spain. Its shares fell 1.1%.

Bilibili ( BILI ) shares jumped 5.3% after JP Morgan upgraded the stock to overweight from neutral with a $21 price target.

Meta Platforms' ( META ) Instagram frequently recommends sexual videos to accounts for teenagers, The Wall Street Journal reported Thursday, citing separate tests conducted by the publication and Northeastern University computer science professor Laura Edelson. Meta shares were rising 0.5%.

MicroStrategy ( MSTR ) shares decreased 0.6% after the firm acquired about 11,931 bitcoins for about $786 million in cash between April 27 and June 19 using proceeds from a notes offering and excess cash.