Tech stocks were lower on Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.2% and the Philadelphia Semiconductor index also falling 0.2%.
Micron (MU) warned that China’s ban on its chips may impact roughly half of the company’s China-generated revenue. Despite the ban that prohibits information infrastructure developers from using Micron chips, the company said it will invest about $600 million to expand production in the Chinese city of Xian. Micron shares were down 1.6%.
Amazon.com’s (AMZN) $1.7 billion planned acquisition of iRobot (IRBT) was approved by the UK’s antitrust regulator, sending the robot vacuum firm’s shares soaring even as regulatory probes in other regions remain ongoing. iRobot shares were up 20% while Amazon was down 0.7%.
Meta Platforms (META) was up 1.5% after saying it launched a generative AI model called Voicebox, which can be used for speech generation tasks.
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