01:55 PM EDT, 08/05/2025 (MT Newswires) -- Tech stocks were declining Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.3% and the SPDR S&P Semiconductor ETF (XSD) shedding 0.6%.

The Philadelphia Semiconductor index fell 0.8%.

In corporate news, the US is looking at ways to equip AI chips with better location-tracking capabilities, Bloomberg reported, citing a senior government official. Nvidia ( NVDA ) representatives were asked by Beijing last week to explain alleged security risks related to its AI chips sold to China. Nvidia ( NVDA ) shares were down 0.8% recently.

Palantir ( PLTR ) reported late Monday Q2 results that topped estimates as US sales increased. Its shares jumped past 7%.

Alphabet's (GOOG, GOOGL) Gemini, OpenAI's ChatGPT, and Anthropic's Claude have been approved by the US General Services Administration for use by government agencies using a centralized procurement process. Alphabet shares added 0.2%.