Tech stocks fell late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 0.4% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.7%.
The Philadelphia Semiconductor index fell 0.8%.
In corporate news, Apple (AAPL) might be facing a civil lawsuit by the US Department of Justice over allegations of restricting access to its software and hardware for rivals, Bloomberg reported Wednesday. Separately, Samsung Electronics released its new line of S24 smartphones with generative AI capabilities. Apple shares fell 0.6%.
Rail Vision (RVSN) jumped 17% after the company said Wednesday a US-based rail and leasing services company signed a supply contract of up to $5 million for its AI-based Switch Yard Systems.
Vuzix (VUZI) shares fell 8.8% after it said it’s implementing a cost-cutting program to reduce its cash annual operating costs by $8 million, or 25%, and will focus on select augmented reality smart glasses products, technology development and its original equipment manufacturing operation.
Alphabet’s (GOOG) Google said it started testing and rolling out changes in its products to comply with the EU’s Digital Markets Act, which takes effect in March. Users in the bloc will see an additional consent banner for permissions to continue to share data between some services. Alphabet shares declined 0.8%.
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