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Sector Update: Tech Stocks Fall Late Afternoon

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Tech stocks were lower late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.2% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 5.5%.

The Philadelphia Semiconductor index declined 5.2%.

In corporate news, Alphabet's (GOOGL) Google said Tuesday it is introducing Googlebook, a new category of laptops built around its AI models and Gemini Intelligence. Its shares were down 0.7%.

Zebra Technologies (ZBRA) raised its full-year guidance after reporting fiscal Q1 results above Wall Street's estimates amid broad-based growth across segments and regions. Its shares jumped 10%.

Microsoft-backed (MSFT) OpenAI was sued by a college student's family who said that ChatGPT caused their son's overdose because he followed the chatbot's medical advice about mixing substances, Bloomberg reported, citing a lawsuit filed in the Superior Court of California for the County of San Francisco. Microsoft shares were down 1.2%.

ZoomInfo Technologies (GTM) faces execution risk in delivering a material re-acceleration in top-line growth amid job cuts, and a downward revision to its full-year 2026 sales guidance is discouraging, RBC Capital Markets said in a note. Stifel downgraded ZoomInfo to hold from buy, while adjusting its price target to $4 from $12. ZoomInfo shares slumped 32%.

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