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Sector Update: Tech Stocks Decline Late Afternoon

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Tech stocks were lower late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 0.2% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 1.5%.

The Philadelphia Semiconductor Index increased 0.3%.

In corporate news, Amazon-backed (AMZN) Anthropic expects to equal or top SpaceX's (SPCX) outsized initial public offering, Bloomberg reported. The AI company is preparing to file publicly for its IPO as soon as the end of this month that it thinks may surpass SpaceX's record-setting $75 billion debut, the report said. Amazon shares were down 1.8%.

Nvidia (NVDA) plans to start shipping small batches of an AI chip tailor-made for Chinese customers by yearend, The Information reported. The chip complies with US export control rules, but it's unknown whether China will allow them to be imported, the report said. Nvidia shares were shedding 0.2%.

CrowdStrike's (CRWD) global Chief Technology Officer Elia Zaitsev has stepped down from his role to launch an early-stage venture capital fund focused on cybersecurity, Zaitsev said Thursday in a LinkedIn post. CrowdStrike shares fell 5.4%.

Meta Platforms (META) has become one of Microsoft's (MSFT) largest AI customers, as the social media company is spending hundreds of millions of dollars per year to access AI models via Microsoft's Azure cloud service, Bloomberg reported. Meta shares were down 0.5%, and Microsoft decreased 0.3%.

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Sector Update: Financial Stocks Decline Late Afternoon

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