-- Tech stocks fell Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) dropping 2.2% and the State Street SPDR S&P Semiconductor ETF (XSD) slumping 4.9%.
The Philadelphia Semiconductor index shed 4.2%.
In corporate news, OpenAI recently missed its own targets for new users and revenue, The Wall Street Journal reported, citing unnamed sources. "The WSJ in part frames this story as a concern for datacenter spend, with OpenAI having over invested while sales are slowing," Wedbush analyst Matt Bryson said in a note. "We believe infrastructure demand remains robust, driven in large part by (artificial intelligence) usage growth, creating a broad based demand driver for semiconductor and component vendors." Tech bellwether Nvidia (NVDA) fell 2.9%, Broadcom (AVGO) dropped 5.1%, Advanced Micro Devices (AMD) shed 3.8%, Oracle (ORCL) lost 3.7%, and Intel (INTC) was down 2.9%.