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Sector Update: Tech

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Tech stocks declined late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 4%.

The Philadelphia Semiconductor index slumped 4.7%.

In corporate news, Qualcomm (QCOM) plans to use its new chip technology for data centers in smartphones, allowing AI to run better on mobile devices, Semafor reported, citing an interview with Executive Vice President Durga Malladi. The company is in talks with smartphone, personal computer, and auto manufacturers about an aspect of its new data center technology portfolio, the report said. Qualcomm shares were down 4.9%.

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