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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 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.1%.

The Philadelphia Semiconductor index shed 2.4%.

In corporate news, a senior Nvidia (NVDA) manager was indicted by Taiwanese prosecutors for allegedly organizing, along with eight others, the shipment of 74 servers containing high-end B300 chips into China by way of Japan and Indonesia in order to circumvent US trade restrictions, Bloomberg reported Monday. Separately, Nvidia customers are facing price increases of over 15% on servers equipped with its AI chips due to rising memory costs, Bloomberg reported Saturday. Shares were down 2.4%.

RoboStrategy (BOT) shares fell 2.9% after the company released its first shareholder letter.

Amazon-backed (AMZN) Anthropic could seek to raise over $100 billion in an initial public offering that could value the AI firm at about $2 trillion, The New York Times reported Friday. Amazon shares were rising 1.4%.

Alibaba (BABA) has rolled out its Wan3.0 AI video generation tool, Reuters reported, citing a post on China's WeChat platform. The new model is able to produce 30-second videos from documents, spreadsheets, slides and web pages, the report said. Separately, Alibaba Chief Executive Eddie Wu bought 350,000 shares of the company for about $5 million, according to a regulatory filing. Shares eased 0.2%.

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