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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 2% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 4.1%.

The Philadelphia Semiconductor Index shed 4.3%.

In corporate news, Meta Platforms (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 down 1.4%.

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 0.5%, and Nvidia fell 3.3%.

SK Hynix (SKHY) Chief Executive 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. Shares were down 6.5%.

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Sector Update: Financial Stocks Rise Late Afternoon

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Sector Update: Energy Stocks Advance Late Afternoon

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