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Sector Update: Tech Stocks Fall Late Afternoon

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Tech stocks were lower late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.8% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 5.2%.

The Philadelphia Semiconductor Index fell 5.2%.

In corporate news, Intel (INTC) said Monday it is investing 5 billion euros ($5.71 billion) at its Leixlip campus in Ireland to scale capacity in order to deliver Intel Xeon 6 processors and next generation Intel Xeon built on its Intel 3 node. Intel shares were down 6.3%.

Meta (META) said Monday it plans to invest over $50 billion in its Richland Parish, Louisiana, infrastructure project to expand its computing capacity to 5 gigawatts. Meta shares were shedding 1.8%.

Alphabet's (GOOGL) Google is one of the biggest buyers of Nvidia's (NVDA) AI server chips, but it has also been expanding its in-house AI chip business in a move that could challenge Nvidia's dominance, The Information reported. Alphabet shares were down 1.2%, and Nvidia fell 3.4%.

SK Hynix (SKHY) CEO Kwak Noh-Jung expects the global shortage of memory chips to persist beyond 2030 as demand driven by AI continues to outpace supply, Bloomberg reported Friday. The shares were down 8.8%.

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