Tech stocks were lower late Wednesday with the Technology Select Sector SPDR Fund (XLK) down 0.2% and the Philadelphia Semiconductor index falling 1.1%.
In company news, Kaleyra (KLR) said India’s Tata Communications agreed to buy the company in an all-cash deal for $7.25 per share plus debt assumption. That compares with Kaleyra’s Tuesday closing price of $4.80. Kaleyra shares jumped 40% in recent Wednesday trading.
Nvidia (NVDA) and other US chipmakers may face new curbs on sales to China as the Biden administration considers restrictions on exports of artificial-intelligence chips, the Wall Street Journal reported Tuesday. Nvidia expects no “immediate material impact” on its results amid reports the US is considering further controls that may restrict exports of its A800 and H800 products to China, Chief Financial Officer Collette Kress said Wednesday in a webinar. Nvidia shares were shedding 1.8%.
SAP (SAP) sees artificial intelligence as a growth driver for the company, Reuters reported Wednesday, citing an interview published in the business daily Handelsblatt. “We assume that the potential will increase significantly through generative AI. The whole development is a huge growth driver for SAP,” Chief Executive Christian Klein said in the interview, according to the report. SAP shares were up 0.8%.
Knightscope (KSCP) jumped 56% after Fort Liberty selected one of the company’s authorized partners to supply, install and support 15 K1 Blue Light Emergency Towers throughout the US Army base.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Image and article originally from www.nasdaq.com. Read the original article here.