Sector Update: Tech

MT Newswires Live03:21

Tech stocks retreated late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) down 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 1.1%.

The Philadelphia Semiconductor index decreased 0.3%.

In corporate news, Amazon-backed (AMZN) Anthropic CEO Dario Amodei and Microsoft-backed (MSFT) OpenAI CEO Sam Altman have been called to attend a hearing on Oct. 5 amid mounting concerns about AI risks, New York City Council Speaker Julie Menin said Wednesday. The hearing will examine safeguards used by leading AI companies and consider potential legislative or regulatory action to protect New Yorkers, according to a statement. Amazon shares were down 1.4%, and Microsoft shed 1.6%.

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