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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 1.8% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 2.6%.

The Philadelphia Semiconductor index slumped 4.3%.

In sector news, DeepSeek has suspended its second fundraising round after informing some prospective investors that investment agreements would not be signed as expected, Bloomberg reported Saturday. The pause followed viral online posts widely attributed to founder Liang Wenfeng about US-China AI competition.

In corporate news, Nvidia (NVDA) has agreed to expand its partnership with South Korean conglomerate SK Group with a more than $500 billion AI infrastructure initiative. Separately, Nvidia is in talks to provide a roughly $250 billion financial backstop for Microsoft-backed (MSFT) OpenAI as part of a massive data center project in southern Ohio that could cost more than $500 billion, The Wall Street Journal reported Sunday. Nvidia shares were down 5.4%.

ASML (ASML) shares fell nearly 7% after The Information reported that a Chinese state-backed company has started manufacturing some chipmaking equipment that could impact ASML's market position.

Amazon.com's (AMZN) Leo subsidiary filed with the US Federal Communications Commission to launch and operate a new constellation of up to 5,105 satellites designed to connect compatible mobile devices directly from space. Amazon shares eased 0.2%.

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