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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) decreasing 1% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 2.5%.

The Philadelphia Semiconductor index dropped 2%.

In sector news, the White House has yet to share details on its new AI framework, leaving tech companies uncertain on how the government plans to handle the release of AI frontier models, The Information reported. After meeting with companies such as OpenAI, Anthropic, and Alphabet's (GOOGL) Google in an early August briefing, the Office of the National Cyber Director has not given more clarity on the framework, nor has it given details on a potential public AI event related to the framework, the report said.

In corporate news, Nebius (NBIS) shares fell past 9% after it said Wednesday it plans to offer $4.5 billion of convertible senior notes in a private offering.

Nvidia (NVDA) has offered to connect data-center operators in the Nordics to companies with its graphics processing units in need of capacity, CNBC reported. Nvidia shares were down 0.4%.

Marvell Technology (MRVL) issued a warrant to Alphabet's Google to buy up to 59 million shares of its common stock at $206.58 per share as part of an expanded partnership agreement the two companies reached on July 29, Marvell said Wednesday in a regulatory filing. Marvell shares climbed 8.2%, and Alphabet was fractionally lower.

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