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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 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.2%.

The Philadelphia Semiconductor index shed 2.7%.

In corporate news, Nvidia (NVDA) customers are facing price increases of over 15% on servers equipped with its AI chips due to rising memory costs, Bloomberg reported Saturday. Separately, Nvidia is discussing an investment in AI startup Perplexity as part of a funding round that would value the firm at over $30 billion, The Information reported Sunday. Nvidia shares fell 2.5%.

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 1.3%.

Alibaba (BABA) has officially 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 with the US Securities and Exchange Commission. Alibaba shares fell 0.1%.

NVent Electric (NVT) agreed to buy Maverick Power for $1.75 billion to expand its portfolio of energy equipment offerings for the growing number of data centers, the companies said Monday. NVent shares added 1.6%.

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