Sector update: Technology companies delisting from the stock exchange in the late afternoon

Technology stocks fell late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 2% and the SPDR S&P Semiconductor ETF (XSD) falling 1.1%.

The Philadelphia Semiconductor Index fell 2.3%.

Corporate news suggests that Amazon.com (AMZN) is working on an AI-powered chatbot codenamed “Metis” to compete with ChatGPT, Business Insider reports, citing people familiar with the matter and an internal document. Amazon shares fell 1.4%.

Microsoft’s (MSFT) $1.5 billion investment in artificial intelligence company G42 is a “positive development” after the United Arab Emirates company cut ties with China’s Huawei, a White House official said, Reuters reported. Microsoft shares are down 0.4%.

Apple’s (AAPL) rules controlling the App Store market violate the European Commission’s new digital competition law, the regulator said, opening a second investigation into developer contract terms. Apple shares rose 0.4%.

According to media reports, Broadcom (AVGO) is working with ByteDance to develop an advanced AI processor to ensure a stable supply of high-end chips amid tensions between the US and China. Broadcom shares fell 2.9%.

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