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Sector Update: Tech Stocks Fall Monday Afternoon

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Tech stocks were lower Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.6% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 4.1%.

The Philadelphia Semiconductor index slumped 3%.

In corporate news, Seagate Technology (STX) shares fell more than 9% after Chief Executive Dave Mosley said that building new factories to meet demand would "take too long."

Equinix's (EQIX) plan to build two data centers in Cape Town, South Africa, is facing opposition from community groups and UK non-profit Foxglove, claiming the project lacks key details on water use, electricity demand and environmental impact, Reuters reported, citing a formal objection filed with city planners. Equinix shares were fractionally higher.

LiveRamp (RAMP) shares jumped past 27% after the data collaboration platform agreed to be acquired by French advertising and public relations firm Publicis Groupe in an all-cash deal with an enterprise value of about $2.17 billion.

Baidu (BIDU) reported better-than-expected Q1 results on Monday buoyed by growth in its core AI-powered business. Its shares rose 2.5%.

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