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Sector Update: Tech Stocks Fall Late Afternoon

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Tech stocks declined late Tuesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.3% and the State Street SPDR S&P Semiconductor ETF (XSD) retreating 4%.

The Philadelphia Semiconductor Index lost 4.6%.

In sector news, JPMorgan Chase (JPM) analysts now expect large tech companies to spend about $5.5 trillion through 2030 to develop AI infrastructure, Bloomberg reported Tuesday, citing a research note. Debt will provide roughly $4.1 trillion of the financing, the analysts reportedly said.

In corporate news, Marvell Technology (MRVL) shares fell past 7% in Tuesday trading, a day after outgoing CFO Willem Meintjes filed to sell 211,329 shares, according to Form 144 filings with the US Securities and Exchange Commission.

Space Exploration Technologies (SPCX) has agreed to acquire Anysphere, which operates AI coding agent Cursor, in a deal worth about $60 billion, just days after the rocket and satellite company went public. SpaceX shares rose 4.1%.

Apple's (AAPL) upcoming camera-equipped AirPods, a product meant to push the company into the AI-device market, are scheduled to launch in late 2027, Bloomberg reported. Apple shares rose 0.7%.

Palantir (PLTR) is facing scrutiny after data showed most UK National Health Service platform gains occurred in just a few hospital trusts, the Financial Times reported, citing data obtained by the campaign group Foxglove through a freedom-of-information request. Palantir shares were falling 1.6%.

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