02:01 PM EDT, 03/18/2025 (MT Newswires) -- Tech stocks were lower Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) and the SPDR S&P Semiconductor ETF (XSD) each falling 1.3%.

The Philadelphia Semiconductor index was shedding 1.2%.

In sector news, the US Commerce Department recently informed staff that Chinese AI model DeepSeek is banned on government devices to protect information security, Reuters reported late Monday.

In corporate news, Alphabet's (GOOG) Google ( GOOG ) said it has agreed to buy cloud cybersecurity platform Wiz for $32 billion. Alphabet shares were down 2.6%.

Tencent Music Entertainment ( TME ) shares jumped past 14% after it reported better-than-expected Q4 earnings and revenue on Tuesday as it also saw double-digit gains in music subscription sales.

Amazon.com's ( AMZN ) Amazon Web Services is sharply undercutting Nvidia ( NVDA ) on price, offering cloud customers rental servers powered by its Trainium chip, which would offer the same computing power as Nvidia's ( NVDA ) H100 chip, at 25% of the cost, The Information reported. Amazon ( AMZN ) shares were down 1.7% and Nvidia ( NVDA ) was falling 2.2%.

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