Tech stocks, including XLK and XSD, fell in the afternoon, with semiconductor index also declining.

From Nasdaq: 2024-06-24 15:49:47

Tech stocks took a hit on Monday afternoon, with XLK falling 2% and XSD down 1.1%. The Philadelphia Semiconductor index also slumped by 2.3%.

Amazon is reportedly developing an AI chatbot named “Metis” to rival ChatGPT, causing their shares to drop by 1.4%.

Microsoft’s $1.5 billion investment in AI firm G42 is seen as a positive move after the UAE-based company severed ties with Huawei, resulting in a 0.4% decrease in Microsoft shares.

Apple is under scrutiny for violating EU digital competition laws with its App Store rules, leading to a second probe. Despite this, Apple shares rose by 0.4%.

Broadcom is collaborating with ByteDance to create an advanced AI processor for stable chip supply, especially amidst US-China tensions. This news caused Broadcom shares to decline by 2.9%.



Read more at Nasdaq: Sector Update: Tech Stocks Retreat Late Afternoon