Sector Update: Tech

MT Newswires Live03:26

Tech stocks were lower late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.4% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.6%.

The Philadelphia Semiconductor index shed 2.7%.

In corporate news, Meta Platforms (META) has caught up with OpenAI and Anthropic at the "frontier" of AI and is committed to further spending to compete with rivals, the Financial Times reported, citing an interview with CEO Mark Zuckerberg. The company has also rejected calls by the heads of Anthropic and OpenAI to slow down the development of AI, the report said, citing Zuckerberg. Meta shares were up 3.5%.

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