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Sector Update: Tech Stocks Ease Late Afternoon

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Tech stocks eased late Wednesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) little changed after erasing earlier gains and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 0.2%.

The Philadelphia Semiconductor index rose 0.2%.

In corporate news, Apple (AAPL) introduced iPhone Duo, its first foldable iPhone, featuring a 7.6-inch inner display and 5.4-inch outer display, both using Super Retina XDR technology. Apple shares fell 0.2%.

Dell Technologies (DELL) is set to raise $5 billion via an investment-grade bond sale that attracted about $23 billion in peak orders, Bloomberg reported. Dell shares were little changed.

Meta Platforms (META) launched a new personal AI agent called Muse AI, which can send emails, book travel plans, and continue working after users close the app. Meta shares jumped 6.4%.

Analog Devices (ADI) agreed to buy Alif Semiconductor for $1.35 billion in cash to add AI-native microcontrollers and fusion processors. Analog Devices shares eased 0.1%.

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