Sector Update: Tech

MT Newswires Live01:55

Tech stocks were lower Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.2% and the State Street SPDR S&P Semiconductor ETF (XSD) down 0.2%.

The Philadelphia Semiconductor index dropped 1.2%.

In sector news, Anthropic reported a Q3 net loss on Monday of $23.29 billion, widening from a net loss of $12.14 billion a year ago but narrowing from a net loss of $66.31 billion the previous quarter, according to a regulatory filing. The company, which is set to go public this month, reported Q3 adjusted earnings of $3.17 billion, swinging from an adjusted loss of $1.17 billion a year earlier. Anthropic reported Q3 revenue of $16.96 billion, up from $1.38 billion a year ago and up from $11.56 billion in Q2.

In corporate news, Marvell Technology (MRVL) has agreed to buy optical and photonic products maker Lumentum (LITE) in an all-stock deal worth about $115 billion, as the companies aim to create a leader in AI connectivity. Marvell shares fell 10%, and Lumentum dropped 15%.

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