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Sector Update: Tech Stocks Fall Tuesday Afternoon

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Tech stocks were lower Tuesday 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 2.6%.

The Philadelphia Semiconductor index shed 2.3%.

In corporate news, GoPro (GPRO) shares surged 41% after the company and optical-photonics company Starman Optical said Tuesday they have signed a definitive merger agreement. Under the terms of the deal, GoPro shareholders will receive $1.14 per share, for a total of $285 million in cash and will retain a stake in the combined company of about 10%.

Amazon-backed (AMZN) Anthropic has agreed to a $35 billion computing deal with Nvidia-backed (NVDA) cloud provider Lambda, Bloomberg reported. The project involves a Texas data center being developed by Hut 8 (HUT), with Nvidia holding the lease, the report said. Amazon shares were down 2%, and Nvidia was shedding 1%.

SpaceX (SPCX) has replaced several leaders responsible for building the company's data centers following some civil engineering concerns and reliability issues at facilities in Tennessee and Mississippi, The Information reported. SpaceX shares were down 0.5%.

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