01:50 PM EST, 11/12/2024 (MT Newswires) -- Tech stocks were lower Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.2% and the SPDR S&P Semiconductor ETF (XSD) falling 2.4%.

The Philadelphia Semiconductor index dropped 1.5%.

In corporate news, Alphabet's (GOOG) Waymo unit said Tuesday its self-driving robotaxi service is now open to everyone in Los Angeles. Waymo said it started commercial operations in Los Angeles earlier this year and 300,000 people joined its waitlist. Alphabet shares rose 0.5%.

ValueAct Capital has taken a $1 billion stake in Meta Platforms ( META ) , CNBC's David Faber and Reuters reported. Meta shares added 0.3%.

Qualcomm ( QCOM ) Chief Executive Cristiano Amon said that increasing demand for smartphones powered by artificial intelligence won't cause a global chip shortage similar to what happened during the Covid-19 pandemic, Bloomberg reported. Qualcomm ( QCOM ) shares were falling 3.2%.