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Sector Update: Tech Stocks Mixed Late Afternoon

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Tech stocks were mixed late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.3% and the State Street SPDR S&P Semiconductor ETF (XSD) down 0.3%.

The Philadelphia Semiconductor index added 1.2%.

In corporate news, Amazon-backed (AMZN) Anthropic Chief Financial Officer Krishna Rao is leading early meetings with prospective investors ahead of a potential initial public offering, CNBC reported. The talks have been high-level but have not included discussions about Anthropic's valuation or other specific financials, the report said. Amazon shares were down 0.5%.

Cisco (CSCO) shares dropped 9.3% after its fiscal Q4 services revenue missed Wall Street's estimates, overshadowing what the networking equipment maker described as record results.

Cerebras Systems (CBRS) shares fell past 12% after the firm swung to a Q2 loss, although core revenue more than doubled year over year and topped market estimates amid cloud growth.

Sandisk (SNDK) shares jumped 14% after it said it expects revenue to grow at a mid-to-high-teens rate from fiscal 2028 through fiscal 2030.

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