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Sector Update: Tech Stocks Fall Wednesday Afternoon

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Tech stocks were lower Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.7% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.1%.

The Philadelphia Semiconductor index declined 3%.

In corporate news, Super Micro Computer (SMCI) shares tumbled past 19% after the company said late Tuesday it is planning $7 billion worth of equity and equity-linked financing transactions as part of efforts to fund AI orders related to its advanced servers.

Alphabet's (GOOGL) Google's YouTube and Meta (META) were denied a new trial after a jury found that the companies were liable for designing social media platforms that are addictive to young people, Reuters reported Wednesday. Alphabet shares were down 2%, and Meta shed 1.5%.

Amazon (AMZN) has entered into a $17.5 billion senior unsecured delayed-draw term loan facility with a group of lenders, the company said Wednesday in a regulatory filing. Amazon shares fell 2.4%.

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