Sector Update: Tech Stocks Fall Late Afternoon
Tech stocks were sharply lower late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.6% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 6.6%. The Philadelphia Semiconductor Index slumped 5.2%. In corporate news, Intel (INTC) shares fell past 10% after Samsung Electronics' preliminary earnings disappointed investors. Chinese firm DeepSeek is developing its own AI chip that could allow it to rely less on Nvidia (NVDA) and Huawei, Nvidia shares were up 0.5%. Synopsys (SNPS) plans to stop its production process control software suite for semiconductor manufacturers to redirect resources toward higher-margin AI design, Synopsys shares were falling 1%. Microsoft (MSFT) is beginning to replace offerings from OpenAI and Anthropic with its own models in software products such as Excel and Outlook to reduce AI costs, Microsoft shares added 1%.
Tech stocks were sharply lower late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.6% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 6.6%.
The Philadelphia Semiconductor Index slumped 5.2%.
In corporate news, Intel (INTC) shares fell past 10% after Samsung Electronics' preliminary earnings disappointed investors.
Chinese firm DeepSeek is developing its own AI chip that could allow it to rely less on Nvidia (NVDA) and Huawei, Nvidia shares were up 0.5%.
Synopsys (SNPS) plans to stop its production process control software suite for semiconductor manufacturers to redirect resources toward higher-margin AI design, Synopsys shares were falling 1%.
Microsoft (MSFT) is beginning to replace offerings from OpenAI and Anthropic with its own models in software products such as Excel and Outlook to reduce AI costs, Microsoft shares added 1%.