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Sector Update: Tech Stocks Decline Thursday Afternoon

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Tech stocks were lower Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) shedding 0.8% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 1.1%.

The Philadelphia Semiconductor index was down 0.5%.

In corporate news, Alphabet's (GOOGL) Q2 revenue beat Wall Street's estimates amid demand for AI infrastructure, but its capital expenditure doubled year over year. Its shares fell 6.2%.

Intel (INTC) and Advanced Micro Devices (AMD) are signing longer-term contracts to sell data center processors, or chips, to China-based server customers, Reuters reported. Intel shares were down 1.6%, and AMD fell 3.1%.

IBM (IBM) said Thursday that it has agreed to acquire research and development institution HRL Laboratories from joint owners Boeing (BA) and General Motors (GM). IBM shares were down 0.7%.

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