Sector Update: Tech Stocks Retreat Thursday Afternoon

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Sector Update: Tech Stocks Retreat Thursday Afternoon

, MT Newswires - 2:05 PM ET 3/20/2025 default

02:05 PM EDT, 03/20/2025 (MT Newswires) -- Tech stocks dropped Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) decreasing 0.9% and the SPDR S&P Semiconductor ETF (XSD) falling 1.5%.

The Philadelphia Semiconductor index shed 0.9%.

In corporate news, Apple's ( AAPL ) streaming service Apple TV+ is losing over $1 billion a year despite subscriptions having grown to 45 million last year, The Information reported. Separately, Apple ( AAPL ) is moving its Vision Products Group chief Mike Rockwell to take charge of the Siri digital assistant after Chief Executive Officer Tim Cook lost confidence in the ability of AI head John Giannandrea to execute on product development, Bloomberg reported. Apple ( AAPL ) shares declined 0.8%.

Japan's SoftBank is buying chip design company Ampere Computing from Carlyle (CG) and Oracle (ORCL) for $6.5 billion, expanding its AI investments in the US. Oracle shares added 0.2%.

Nvidia ( NVDA ) plans to spend several hundreds of billions of dollars on chips and electronics made in the US over the next four years, the Financial Times reported late Wednesday, citing Chief Executive Officer Jensen Huang. Nvidia ( NVDA ) shares rose 0.9%.

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