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Sector Update: Tech Stocks Decline Wednesday Afternoon

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Tech stocks were lower Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.1% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 2.6%.

The Philadelphia Semiconductor index slumped 5.4%.

In corporate news, Meta Platforms (META) is building a cloud infrastructure business to sell access to AI computing power and models, setting up a new area of competition with Amazon (AMZN) Web Services, Microsoft (MSFT) Azure, and Alphabet's (GOOGL) Google Cloud, Bloomberg reported. Meta shares jumped nearly 10%, Amazon was up 2.5%, Microsoft rose 3.9%, and Alphabet added 0.5%.

Sony (SONY) said Wednesday it will shut down the PlayStation Store digital marketplaces for its PlayStation 3 and PlayStation Vita consoles in phases. Sony shares rose 0.5%.

Micron Technology (MU) has signed a strategic customer agreement with General Motors (GM) to provide a long-term supply of memory and storage platforms for the automaker's future vehicle production, the companies said Wednesday. Micron shares were falling past 8%.

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Sector Update: Financial Stocks Edge Lower Late Afternoon

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