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Sector Update: Tech Stocks Mixed Late Afternoon

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Tech stocks were mixed late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) slightly rising and the State Street SPDR S&P Semiconductor ETF (XSD) falling 2.4%.

The Philadelphia Semiconductor index was down 0.5%.

In corporate news, SpaceX (SPCX) reported Q2 capital expenditures of $18.37 billion, up from $2.83 billion a year ago, taking the shine off a narrower-than-expected loss and above-consensus revenue growth. The shares fell past 12%.

Nvidia (NVDA) shares rose 4.1% after SpaceX CEO Elon Musk said the company will build its AI services exclusively on Nvidia's systems.

OpenAI accounted for over half and likely about 70% of Microsoft's (MSFT) AI sales in its most recent fiscal year, Bloomberg reported Wednesday, citing company disclosures and its own analysis. Microsoft shares were down 0.5%.

Shopify (SHOP) reported Q2 earnings above Wall Street's expectations on Wednesday, while it recorded annual growth of more than 30% each in its revenue, gross merchandise volume and gross profit metrics. Its shares jumped past 17%.

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