Sector Update: Tech Stocks Lower Late Afternoon

MT Newswires Live03:41

Tech stocks were lower late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 6.2% and the State Street SPDR S&P Semiconductor ETF (XSD) shedding 10.5%.

The Philadelphia Semiconductor Index declined 8.9%.

In corporate news, Meta Platforms (META) is mulling raising tens of billions of dollars through a share sale to fund surging artificial intelligence capital expenditure, which could reach $145 billion this year and climb further in 2027, the Financial Times reported Friday, citing three people familiar with the matter. Meta shares fell 5.8%.

Nvidia (NVDA) CEO Jensen Huang said Friday that robotics will be South Korea's next major growth sector, citing the country's strengths in manufacturing, mechatronics, and artificial intelligence, Reuters reported. Nvidia shares declined 5.5%.

Netflix (NFLX) is developing guidelines for the safe use of generative artificial intelligence in content production, with the technology intended to support creators rather than replace them, Nikkei Asia reported Friday, citing comments from co-Chief Executive Greg Peters. Netflix stock was up 0.5%.

DocuSign (DOCU) shares were down 6.6% in Friday afternoon trading, a day after the company posted its fiscal Q1 results.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment