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Sector Update: Tech Stocks Decline Late Afternoon

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Tech stocks were lower late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) shedding 1.7% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 3.3%.

The Philadelphia Semiconductor index dropped 3.7%.

In corporate news, Microsoft-backed (MSFT) OpenAI's ChatGPT is nearing 1 billion weekly active users, The Information reported. OpenAI originally targeted to hit the milestone by the end of last year, the report said. Microsoft shares were up 0.5%.

Vertiv (VRT) shares fell nearly 17% after the company's Q2 revenue increased year on year but missed analysts' estimates.

Alphabet's (GOOGL) Google DeepMind has dismantled the team behind its Nobel Prize-winning AlphaFold AI system, reassigning most researchers to Gemini-related projects and other scientific initiatives as it shifts its research strategy, the Financial Times reported. Alphabet shares added 0.7%.

Cognizant Technology Solutions (CTSH) shares jumped 12% after it reported higher Q2 adjusted earnings and revenue.

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