02:00 PM EDT, 07/09/2024 (MT Newswires) -- Tech stocks fell Tuesday afternoon with the Technology Select Sector SPDR Fund (XLK) decreasing 0.4% and the SPDR S&P Semiconductor ETF (XSD) dropping 0.9.

The Philadelphia Semiconductor index shed 0.6%.

In corporate news, Oracle (ORCL) and Elon Musk's xAI ended talks to expand an agreement under which xAI rents Nvidia (NVDA) AI chips from Oracle, the Information reported. Oracle shares fell 2.8%.

UiPath ( PATH ) shares dropped 7.1% after the company it will cut 10% of its global workforce of 4,200 as part of a restructuring plan to manage operating expenses.

Applied Digital ( APLD ) shares tumbled 24% after the company signed agreements with B. Riley Securities, BTIG, Lake Street Capital Markets, Northland Securities, and Roth Capital Partners to sell up to $125 million in common shares from time to time.