03:54 PM EDT, 03/13/2025 (MT Newswires) -- Tech stocks fell late Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) dropping 2,1% and the SPDR S&P Semiconductor ETF (XSD) shedding 0.9%.

The Philadelphia Semiconductor index dropped 0.9%.

In sector news, Sheikh Tahnoon bin Zayed Al Nahyan, national security adviser for the UAE government, plans to visit Washington to discuss easier access to AI technology and investment in the US, Bloomberg reported.

In corporate news, Adobe (ADBE) shares fell 14%. A "clearer roadmap" is needed to dispel "apathy" surrounding the stock even after Adobe's Q1 results topped estimates, Morgan Stanley said.

Intel ( INTC ) shares jumped 14%, a day after the company named semiconductor industry veteran Lip-Bu Tan as chief executive officer, effective Tuesday.

OSI Systems ( OSIS ) shares dropped 4.5% after a short-seller report alleged that the company misrepresented financials on its Mexican business.

IBM ( IBM ) and Spain's Basque government announced plans to install the company's next-generation quantum computer in San Sebastian. IBM ( IBM ) shares fell 1.8%.