01:49 PM EST, 12/27/2024 (MT Newswires) -- Tech stocks were falling Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 1.8% and the SPDR S&P Semiconductor ETF (XSD) sliding 1.9%.

The Philadelphia Semiconductor index shed 1.5%.

In corporate news, Microsoft ( MSFT )-backed (MSFT) OpenAI is looking at reorganizing itself to become a Delaware public benefit corporation to raise conventional capital while maintaining a nonprofit arm, according to an OpenAI blog post Thursday. Microsoft ( MSFT ) shares were down about 2%.

Taiwan's Ministry of Science and Technology said that funding for semiconductors, AI and aerospace could drop by 20 billion Taiwanese dollars ($609.1 million) next year after opposition parties approved laws cutting economic and technology spending, Reuters reported. Shares of Micron (MU), Nvidia ( NVDA ) , Advanced Micro Devices ( AMD ) and Taiwan Semiconductor (TSM) fell 1.5%, 2.7%, 0.3% and 0.8% respectively.

Grid Dynamics ( GDYN ) shares jumped 7.3% ahead of its inclusion into the S&P SmallCap 600 index next week.