01:57 PM EDT, 03/13/2025 (MT Newswires) -- Tech stocks were in the red Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 2% and the SPDR S&P Semiconductor ETF (XSD) shedding 1.6%.

The Philadelphia Semiconductor index dropped 1.2%.

In corporate news, Intel ( INTC ) shares jumped nearly 14% after the company said late Wednesday it named semiconductor industry veteran Lip-Bu Tan as its new chief executive, effective March 18.

OSI Systems ( OSIS ) shares dropped past 7% after a short-seller report said that the company misrepresented its financials regarding its Mexican business.

International Business Machines ( IBM ) and Spain's Basque government on Thursday announced plans to install the company's next-gen quantum computer in San Sebastian in northern Spain. IBM ( IBM ) shares were down 2.2%.