Sector Update: Tech Stocks Tumble Monday Afternoon

MT Newswires Live01-28

Tech stocks were in the red Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 5.4% and the SPDR S&P Semiconductor ETF (XSD) down 8.9%.

The Philadelphia Semiconductor index tumbled 10.3%.

In corporate news, shares of major semiconductor companies fell amid the emergence of Chinese AI startup DeepSeek, which has launched an open-source AI model that can possibly run on less-advanced chips. DeepSeek's app was ranked first on Apple's (AAPL) App Store over the weekend, Wedbush said in a note Monday. Nvidia (NVDA) dropped 17%, Broadcom (AVGO) fell 19.2%, Micron (MU) shed 13.7%, and ASML (ASML) slumped 7%.

Emerson Electric (EMR) on Monday agreed to buy the remaining minority stake in Aspen Technology (AZPN) that it doesn't already own and take the industrial software company private in an all-cash deal worth $7.2 billion. Emerson shares fell 2.2% and Aspen popped 3.3%.

SoFi Technologies (SOFI) shares dropped past 12% after it guided 2025 earnings below analysts' views despite surpassing them in Q4.

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